Carlton has ruled out any short-term request for AFL financial handouts and says it won't slash player payments despite announcing a massive single-year loss of more than $11 million.

Most of the deficit comes from the club's decision to wipe off more than $11 million from the value of its Optus Oval grandstands.

Carlton president Ian Collins admitted the club's financial position was "of concern" and said the Blues had a long way to go to fix their problems.

But Collins said Carlton would not ask the AFL for payments under its welfare scheme for struggling clubs - the competitive balance fund - in the short-term.

And he said it would be business as usual on-field, with the club to pay 100 per cent of the salary cap and confident of retaining coach Denis Pagan when his lucrative contract expires at season's end.

"We will make sure we operate within the system and we will pay our players as prudently as the system allows within those confines," Collins said.

"I think North Melbourne has gone back to 100 per cent (of the salary cap) and so have the (Western) Bulldogs (both clubs receive competitive balance fund payments).

"I don't think there's any necessity for clubs to pay less than the salary cap.

"We have to make a decision as to what our core business is and our core business is football."

Carlton's 2004 loss was $11.146 million - most of which was due to depreciating the Optus Oval stands following the club's decision to move its home games to Telstra Dome and the MCG to improve its cash flow.

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