As long as the tire holds air and the patch is on the tread, not the sidewall it looks okay to me. That tearing where the bead sits happens to tires when they get dismounted and mounted a few times.
2013 Mini Cooper S JCW GP #361 of 500 In USA
2008 e92 335i 6 speed, Intake SOLD
2005 Sea Doo RXT (stock for now....)
2004 545i 6 speed, lots of mods- SOLD