MELBOURNE is a step closer to wiping out its club debt after raising another $725,000 at a Debt Demolition fundraiser on Wednesday night

The club held a function at the MCG for more than 200 of its loyal and cashed up supporters. 

After its inaugural success last year – when the club raised more than $2 million in the corresponding night and a total of $3.1 million during the month of August – the campaign has now netted the Dees $3.82 million.

This reduces Melbourne's debt to below $1.2 million, down from more than $4 million last year.

Acting president Don McLardy was delighted with the result, but said the club couldn't rest on its laurels. 

"I think there is a challenge out there for the rest of our members and supporters – with $725,000 there – we'd love to get $1 million off our debt in August," McLardy said.

Although Demon president Jim Stynes was unable to attend – he is recovering in Thailand following surgery for cancer – the club legend sent a message via a pre-recorded video to the faithful on the night. 

"I can't wait to see you all when I get back," the 1991 Brownlow Medallist said.

"I would love to have been there, but it is part of me getting right and I've got to get myself right, so I can be back there enjoying the greatness of what our great football club has to offer.

"I'm looking forward to being back in contention for a premiership in the years to come. I'm sure we will be, and I think we're really well positioned."

The 2009 squad and many past players were in attendance, including club greats Ron Barassi, Noel McMahen, Hassa Mann, Stan Alves, Robert Flower, Garry Lyon and David Neitz.

Melbourne chief executive Cameron Schwab said the club needed a blueprint to move from its current consolidation period to one of onfield success. 

"With a plan comes direction, confidence and confidence is something this club has lacked for such a long period of time," he said.

Coach Dean Bailey, who thanked the supporters for their financial contribution, said the players were getting better educated and progressing in their football development.

He remains optimistic about the future, despite a tough 2008/09.

"I would like to think we'll get there a little bit quicker than what people might think," Bailey said.

"There is light at the end of the tunnel and it's getting brighter and it's getting bigger."

Donations can be made at www.debtdemolition.com.au.