DESPITE the carnage, defiant Essendon chairman Lindsay Tanner has hailed their season a character test that they passed with flying colours.

The Bombers continue to reel from the aftershocks of their supplements debacle, with Jobe Watson losing his 2012 Brownlow Medal.

A few hours after the AFL Commission made that landmark ruling on Tuesday, Essendon announced a whopping financial loss of $9.8 million.

The Bombers say the doping suspensions handed down in January were an overwhelming factor in the financial disaster.

Essendon lost 12 players to doping bans this season, including Watson, and finished last for the first time since 1933.

But Tanner said there is still much that Essendon can take heart from as the club tries to recover.

"We haven't turned on each other, we haven't been distracted by the temptation to publicly re-fight the Court of Arbitration for Sport decision, outrageous though it may have been," Tanner said in the club's annual report.

"We've turned up to support our team, and still recorded strong attendance levels and membership numbers.

"2016 has been an enormous character test for Essendon and we have passed that test with flying colours."

Tanner added that regardless of their tough circumstances, the Bombers must not assume that their recovery is guaranteed.

"It takes more than character to win games and premierships. Our comeback is only just getting started," he said.

"We must guard against the sense of entitlement and complacency that seeps into many successful organisations."

Essendon chief executive Xavier Campbell also said in the annual report that the worst is nearly over for the club.

"For so long we have asked each other when will the time arrive where we can attend a game free from the stress of off-field issues? Well, the storm is passing, the clouds have almost lifted," Campbell said.

"The smiles and joy that were constants when we fell in love with this club are returning.

"Our players are as committed as they ever have been. There will continue to be ups and downs but we can take pride in the knowledge that adversity has only made the Essendon family stronger."