Hard to fix that to make it look as new. If you sand, the risk is that once you remove the clear-coat, the underlying brushed texture of the metal will be altered by the abrasive. Also, on one side, you risk damage to the "Team" graphics. It looks as if clear coat has been applied over a damaged & partly lifted original coating. One would have to remove everything from the damaged area, before the appearence could be restored with a new over-spray of clear.
The easiest thig to do is leave it as is - Which I know is not what you want to hear...
Ed
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Get a bicycle. You will certainly not regret it, if you live.