As chairman, Stynes will first set about conducting a thorough review starting with the club's finances.

"No one standing here alongside me is underestimating the task ahead of us," Stynes said.

"Unfortunately there is no panacea or easy fix for the problems we face as a football club.

"It is no news to anyone at the Melbourne Football Club that we are in a precarious position.

"According to some reports, we could lose as much $1.5-$2 million this year, be relocated to the Gold Coast, and are in danger of losing our blockbuster against the Magpies on the Queen's Birthday weekend. The reality is that all these things are possible if we don't turn things around and do it quickly.

"The Melbourne Football Club has given me a great deal and it's time I gave something back. I didn't make this decision lightly and those who know me know I will deliver what I promise."