NORTH Melbourne's explosive annual general meeting saw incumbent board members James Brayshaw, Mark Brayshaw and Trevor O'Hoy re-elected, however life member Ron Joseph threw a cat among the pigeons when he queried the club's true financial position.

Prior to voting in the Brayshaw-led board and overlooking challengers Peter de Rauch and David Wheadon, members were told the club had a debt of $4.75 million.

However, Joseph - a revered figure and recent board member at the Kangaroos - challenged the figure, suggesting it was closer to $6 million, with more than $1 million of that owed to the operators of Etihad Stadium.

Chief executive Eugene Arocca agreed with Joseph's assessment, but that the figure was in the annual report.

Returned chairman James Brayshaw later said the club was working through some of the details with the managers of Etihad Stadium, with the debt hanging over the club following a failed social club venture at the venue.

"We spoke to [Etihad Stadium chief executive] Ian Collins a week ago about that exact issue," Brayshaw said.

"We're working with him to resolve it. We think there's a solution but we'll keep working on it."

While fireworks were expected from the de Rauch corner (who had threatened legal action if he was not elected), the former board member ruled out a legal challenge after the election.

"It's not good for the club. It's confusing to the members," de Rauch said.

"We're trying to grow the membership. We don't want people to think, 'Why should I get into a club that's quarrelling?'."

de Rauch didn't rule out challenging for a position on the board next year despite admitting to disappointment over how the election was conducted.

Members were told the club had posted an operating profit of $233,752, but debt had increased because of construction costs to the Arden St headquarters.

It was said debt rose from $3.25 million in 2009 to $4.75 million last year, the figure Joseph questioned.

It was revealed debt has also been accrued by an increase in spending on the football department, rising from $11.9 million to $14.2 million in recent years.

However chairman Brayshaw said the club was on track to alleviating some of its financial burden and was working on programs to reduce the club's debt.

On Tuesday this week Brayshaw announced a three-year naming rights deal for the Arden St ground, which will now be refered to as Aegis Park.

The Voting: Trevor O'Hoy: 1787, James Brayshaw: 1559, Mark Brayshaw: 1454, Peter de Rauch: 479, David Wheadon: 424.