Formula One went through a difficult period in the early 2000s. Viewing figures dropped, and fans expressed their loss of interest due to the dominance of Michael Schumacher and Scuderia Ferrari.^[81] Viewing figures are seeing some signs of recovery due to the varied seasons since 2005. Ferrari's and Schumacher's 5 year domination ended in 2005 as Renault became the top team in Formula One, with Fernando Alonso becoming the new (and youngest ever at the time) World Champion. There has since been a resurgence of interest in the sport, especially in Alonso's home country of Spain, and Lewis Hamilton's home country of Great Britain. In 2006, twenty-two teams applied for the final twelfth team spot available for the2008 season. The spot was eventually awarded to former B.A.R. and Benetton team principal David Richards' Prodrive organization, but the team pulled out of the 2008 season in November 2007.

The FIA is responsible for making rules to combat the spiralling costs of Formula One racing (which affects the smaller teams the most) and for ensuring the sport remains as safe as possible, especially in the wake of the deaths of Roland Ratzenberger and Ayrton Senna in 1994. To this end the FIA have instituted a number of rule changes, including new tyre restrictions, multi-race engines, and reductions on downforce. Safety and cost have traditionally been paramount in all rule-change discussions. More recently the FIA has added efficiency to its priorities. Currently the FIA and manufacturers are discussing adding bio-fuel engines and regenerative braking for the 2011 season. Former FIA President Max Mosley believes F1 must focus on efficiency to stay technologically relevant in the automotive industry as well as keep the public excited about F1 technology.

In the interest of making the sport truer to its role as a World Championship, FOM president Bernie Ecclestone has initiated and organised a number of Grands Prix in new countries and continues to discuss new future races. The sport's rapid expansion into new areas of the globe also leaves some question as to which races will be cut.