MELBOURNE is set to take a giant step towards getting its $5m debt under control, with next Tuesday's "Debt Demolition" dinner well on the way to knocking off at least 20 per cent of that amount.

Despite a minimum ticket cost/donation of $6000, 140 of the Demon faithful have already signed up, with further donations expected on the night.

"It is a great demonstration of the passion and the unconditional support that people have for this great football club," Melbourne president Jim Stynes told the Herald Sun.

"They want to see the club survive and they are prepared to commit in a serious financial capacity.

"It is a show of faith to the leadership group and the playing group that we are on track.

"This is like the first quarter, but this is a great start."

The Demons will hold a lower-priced event next month for people who want to help, but can't afford to attend Tuesday's dinner.

"We will cater for those who want to contribute, say, $500-plus," Stynes said.

"After Tuesday night, we need the balance of the members to come forward and help us with the rest."