MELBOURNE'S new board has already contributed more than $500,000 in individual donations as part of the club's fight to eradicate debt and ensure its survival.

Sources have confirmed that two members of the new board have donated six-figure sums — including one pledge of $200,000 from a well-heeled director, for a collective total of more than $500,000 from the Jim Stynes-led board. More donations are expected from some directors in the future.

Following another "debt demolition" function yesterday at the MCG, the Demons have raised about $2.8 million in donations from an estimated 1400 supporters, with football legend and Melbourne great Ron Barassi believed to have made a contribution at yesterday's gathering of about 350 Melbourne backers.

Other past Melbourne players are believed to have pledged their hard-earned to the club, including former captains David Neitz, Garry Lyon and Greg Healy, and former teammates of Stynes such as Brownlow medallist Brian Wilson, Ricky Jackson, Anthony Ingerson and current football operations manager Chris Connolly. Current player Brock McLean had pledged $10,000.

While Stynes would not comment on the individual gifts by the members of his board, he confirmed that directors had made a "significant contribution" to the debt reduction program. The club hopes the $2.8 million tally will surpass $3 million by the end of this month.

"Our board members made a significant contribution to the future of this club," Stynes said. "They went beyond their duty as a board member, I believe.

"I think that's because they have great faith in what we're doing and also I think they understand that if you're asking other people to give, you've got to be prepared to give yourself.

"They really understand that, but you know, they went beyond the call of duty.

"I'm very privileged to have them around me."

Melbourne is set to make a loss of about $2 million in its dismal season, boosting the overall debt to close to $5 million.

Stynes said the debt reduction program would cut the club's debt in half, to a more manageable $2.5 million.

Yesterday's "debt demolition" function raised about $200,000 at a function held in the Melbourne Cricket Club members dining room, where Stynes, new chief executive Cameron Schwab and football operations manager Connolly addressed the members, and footage was shown of legendary coach Norm Smith.

Yesterday's guests were required to have pledged from a minimum of $500 to a maximum of $5000, but the function then raised a further $120,000.

Having appointed Schwab for his second stint as chief executive, Melbourne is now seeking to secure its funding from both of its key stakeholders, the AFL — which contributes about $1 million in annual special distribution — and the MCC.

The Stynes' board consists of directors Karen Hayes, Andrew Leoncelli and Peter Spargo from the old board, plus new directors Guy Jalland, Stuart Grimshaw, Peter Szental, Don McLardy, David Thurin and Russell Howcroft.