New Melbourne president Jim Stynes says the Demons’ survival depends upon the success of an ambitious campaign launched today to wipe out the club’s $5 million debt.

Stynes, who won a Brownlow Medal while playing with the Demons, who took over the top job last month, He said Melbourne’s dire financial state had the club “teetering on the edge” of extinction.

The former ruckman today launched “debt demolition month” for August, in which the Demons are aiming to wipe out the entire deficit, mainly through supporter donations, although Stynes conceded a longer timeframe was more realistic.

“We have one chance to take the club forward and to prosper and that chance is now,” Stynes said.

“I love the football club, but the cold hard truth is we are teetering on the edge of our existence.

“When we come to you (supporters) in August I plead with you for all this club was and can be again to dig deep.

“This will help ensure that the Melbourne Football Club will have a sustainable and exciting future.”

The campaign will kick off with a dinner for 150 “influential” Melbourne supporters on August 5, with Stynes calling on them to make a significant contribution on that night.

Following that occasion, all Demons members will receive a letter informing them of how much debt remains and urging them to also donate.

Further events will be held throughout the month, with Stynes saying the groundswell of support since he took over about four weeks ago, including a flood of new members, made him confident fans would rally to the cause.

“In the last four weeks we’ve probably done more (than previously) to endear ourselves to our sponsors, to our supporters, and just the repositioning of the brand at Melbourne,” he said.

“It has been suggested that we’ve been losing our way.

“I think people are now starting to notice that we’ve got a great group of young kids and we’ve got a real clear focus now what we’re trying to build for the future.

“We know where we’re going, we’ve got great people now, a great new coach and football manager and they know what they’re doing with this team.

“We’re in the middle of negotiations about a new state of the art (training base at Olympic Park) … so we couldn’t be in a better position in terms of leveraging ourselves into the future and becoming that viable and sustainable football club.”

Pay television network Foxtel has agreed to match the first $100,000 of donations.

© AAP 2012

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