No, that is not it. Eugene Melnyk not being the anymore is definitely a step in the right direction but not the solution, and whoever told you that previously was just making excuses.
What this fanbase needs is hope moving forward, hope with a new, stable owner willing to spend to the cap, hope that the new ownership will finally pay for a proper management team, whether it means a new more experienced G M with pedigree or simply imposing a proper hierarchy of hockey people with Presidents, Vice presidents, G.M's, and other departments like scouting, analytics, media relations, etc.
Most fans stopped going to games not because Melnyk was the owner but because the team was being run like a trash organization with improper spending.