Melbourne have completed a remarkable off-field turnaround, with the AFL club announcing they have eliminated their multi-million dollar debt.

The Demons raised more than $1 million at a club function on Wednesday night to complete the process that president Jim Stynes started two years ago.

It means the Demons have wiped out a debt of around $5 million.

Melbourne used the announcement of the debt elimination to launch a new club emblem and there is a strong sense of optimism at the club.

On the field, the Demons have shown significant improvement this year, where a strong finish to the season could give them a surprise top-eight finish after finishing last in 2008 and 2009.

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