The way F1 is structured has driven the sport in the wrong direction, but it has also kept the sport afloat. The very structure needs to change.
Hire Red Bull to promote the sport, bring back old venues. Lower ticket prices. Make it easier and cheaper to view races. Embrace social media.
The thing is, F1 is not for the fans because the fans are not providing the driving factor, the money. It mainly is government and or rich leader money pouring into the sport along with the few major manufacturers.