Melbourne has launched a major campaign to back its strong on-field AFL form this season with elusive financial stability.

The Demons have held a dinner at Parliament House to start its "Maintain the Melbourne Momentum".

The club aims to make sure it can attract and retain a strong playing list.

Its new Red and Blue Foundation will fund improved facilities.

Coach Neale Daniher and club legends such as Ron Barassi, Robbie Flower and Garry Lyon helped launch the drive.

"Melbourne is poised to change its history over the next few years but to achieve our full potential our team needs financial support now," said president Paul Gardner."

"We've improved our finances by $700,000 this year but still face a $1.5 million loss.

"We're not out of the financial dark yet, which is why it is critical we raise extra revenue for our football department."

The Demons have not won a senior premiership since 1964 and long ago lost their status as an AFL power.

Apart from appealing to well-healed supporters at Tuesday night's dinner, the club will seek extra financial support from all its members.

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