IF THE Melbourne Football Club truly can survive this, the biggest financial and identity crisis in its 150-year history, then the turning point could well be traced back to two days ago and the long, confrontational soul-searching session hosted by Jim Stynes at the MCG.

The day-long talks involved Stynes' new board, chief executive Paul McNamee and every member of his executive, coach Dean Bailey, football boss Chris Connolly and recently retired captain David Neitz.

The long series of meetings came off the back of a couple of equally crucial and significant talks, first with the AFL five days ago and then with Melbourne Cricket Club CEO Stephen Gough and his chairman David Meiklejohn. The AFL did not mince words with Melbourne and vice versa.

The clear impression emerging from the meeting with the AFL was that the club was in deep trouble, deeper than ever before and that it had been hemorrhaging supporters and severing relationships for so long that the task of returning to a position of strength in the competition could prove insurmountable.

Melbourne is heading towards a trading loss in 2008 of $2 million and the debt could blow out to $5 million within six months. And despite being presided over for the past five years by one of Australia's most senior advertising executives, the club stood for virtually nothing.

None of the above was new information although it was even worse than the position Melbourne heralded back in March when Stynes began to seriously contemplate the Melbourne presidency. What is new is Stynes' game plan, much of it secret but some of which The Sunday Age has managed to uncover.

The short-term plan for the Stynes administration is as simple as it is challenging: stop the bleeding.

In August, the Demons will hold a function at which this column understands it hopes to halve the club's debt — no small feat — by calling on its wealthy supporters.

The details will be announced soon but, as Stynes and his board know, it is the debt that will kill the club. They unveiled their debt reduction plan to the AFL last Tuesday.

In the medium to long term, plans include the rebuilding of a clear and significant relationship with the MCC, which must remain the football club's home — in a spiritual, match-day and profitable sense.

Although it has been reported that the Demons want to sell two home games to Canberra next year, and possibly beyond, this does not appear to be the case.

Stynes wants to stick to the current agreement of one home game at Manuka Oval if he can move forward with the MCC.

Next month, the MFC and the MCC boards will get together and there seems no doubt that Stynes and his board know they have to fix the broken relationships.

Melbourne will next month officially request $1 million from the AFL's special distribution fund to keep it solvent in 2009 and the MCC should follow suit with $500,000.

But beyond that, both the club's key stakeholders are waiting for Stynes and his board to put forward a coherent and practical business plan, something the AFL has indicated to Stynes was never truly achieved in recent years when the club received special funding.

The new administration will also look to refashion the club's logo. Stynes has refused to reveal his specific plan here, but has made it clear to his executive that he likes the Demon and wants it back.

Then there is youth, something the club has been failing to attract. Not only will Melbourne continue to push for a youth-themed round next season in which Melbourne plays the leading part, but Stynes and his group will keep trying to woo younger supporters.

Signing up the FM drive time superstar Hamish Blake, who Stynes met at the wedding of a mutual friend in Byron Bay, could prove a masterstroke.

Tomorrow's AFL membership deadline could see Melbourne move past 29,000 paid-up supporters and on July 10 — the club's actual 150th birthday — Stynes will announce the debt-reduction event, a series of short-term initiatives to stop the club going broke, and longer-term measures.

As Stynes said yesterday: "The month of August could turn out to be the most important month in the history of the club."

THE MFC PLAN

1. A function in August to halve the club's debt.

2. Rebuild the relationship with the MCC.

3. Play just one home game in Canberra.

4. Request $1 million from the AFL's special distribution fund.

5. Develop a coherent business plan.

6. Bring back the Demon.

7. Attract the youngsters.