MELBOURNE forward Jack Watts says the Demons still hold hopes of making the finals despite a tumultuous few weeks.

The Demons have suffered three heavy losses in succession, and coach Dean Bailey was sacked last week.

They remain a mathematical chance to feature in September but would need to win as many games as possible while also relying on other teams around them to lose.

Watts said the team had not yet given up hope.

"I think everyone feels that they've got to step up at this stage. The club is going through a tough time," Watts said on Thursday.

"These last four weeks are really important for us. If we finish off the year well we are still a finals chance. If we make finals that would be great for a young group like ours."

After such a dramatic couple of weeks, some good news arrived for Melbourne this week with more than $750,000 raised at a supporters function while youngsters Jack Trengove, Luke Tapscott, Max Gawn, Michael Evans and Daniel Nicholson all signed contract extensions.

Watts said the contract extensions were a sign of unity among the playing group.

"It's great to have them on board and that's the culture we're starting to produce at the club," he said.

"It's been a tough few weeks but we are a young group and we are forming some really close bonds. The boys just want to be at the club and want to stay around for what's to come. Those boys have put their foot forward and made the first step."

One obvious name yet to put pen to paper is Tom Scully, who has been strongly linked to Greater Western Sydney when he comes out of contract at the end of the season.

Watts said nothing had changed for Scully, who is on record as saying he would focus on his contract when the season was over.

"We'd love for Tommy to re-sign but he has stated from the start of the year he will wait until the end of the year to make his decision," he said.

"The players are 100 per cent behind Tom Scully and we have said that all year. That's where we sit."

Luke Holmesby covers Melbourne news for afl.com.au. Follow him on Twitter: @AFL_LHolmesby