recently inherited a 2000 arctic cat 500 automatic atv and am trying to get it ready for the upcoming ice fishing season. I thought everything was fine on it since my grandpa took good care of his stuff. It starts and runs fun until you get much above 15 mph then it spits and sputters like it’s choked for fuel. I have the carburetor off now and am going to attempt to rebuild it with a rebuild kit. While I was looking it over this evening I noticed that a couple of the wires going to the the rectifier were cut (a blue and a black. They were then connected to each other on the harness going to the rectifier via a butt connector. It was by no means a recent thing either. Could this have been done to act like a governor? I am by no means a mechanic but would like to fix this myself so that I don’t have to pay a shop $100/hr to do it. I have picture attached (I think) please help!!!!

thanks in advance