Looks like someone stuffed plumbers putty in there because it was leaking most likely instead of figuring out why it leaked and fixing that.
No Teflon tape---all fittings have rubber washers that do the sealing---
Agree with Joe, looks like it's been leaking for awhile judging by the stains.Best way to remove plumbers putty?
Where someone put what appears to be plumbers putty is simply the bottom of the valve. The threaded brass tube is the bottom end of the faucet arch. Two of the flexible tubes are the faucet supply lines and are connected to the stop valves. You do not use Teflon tape on those connections. The have "O" rings in the fittings that make them water tight. You tighten those connections hand tight and then tighten about one more turn with a wrench. Do not over tighten.
Water comes up the supply tubes and goes through the valve. It comes out the short tube with the quick disconnect fitting. The longer flexible line goes up through the faucet arch and is connected to the pull out head. It should also have weight attache to it to pull the head back into the faucet arch.
You will disconnect the supply tubes from stop valves. Disconnect the longer flexible line from the quick connect fitting. Remove the weight from the longer line. Pull the
faucet head and line out.
To the right you see the black round device that attaches the faucet to the sink. There is another on on the left side. They look like they are simply large nylon screws. If you have problems it will be unscrewing that. It is intended to be hand tight only. You will not have much leverage to loosen it.
There may have been a special tool that came with the faucet to tighten them. You can make a tool to loosen the fasteners. Get a piece of 3/4 PVC pipe long enough to extend below the sink. Cut a slot in one end, wide enough and deep enough to fit over the material going through the center of the fastener. Use that to unscrew the fastener.
When they are removed the faucet will lift off the sink.