New North chairman Ben Buckley says the shackles are now officially off the club with the AFL taking ownership of Etihad Stadium.

The Kangaroos have endured what James Brayshaw once described as “the worst stadium deal in the history of world sport” for the past 17 years.

"The work that James led over the last nine years has put the club in a great position," Buckley told the Herald Sun.

"We have a great foundation. We've got 45,000 members, we're making profits annually and our debt has been reduced to almost zero.

"There's no reason why we can't be as competitive a football club as anyone in the competition.”

It’s been reported North wrote two cheques to Etihad management this season and made a profit of just $1.38 million from its eight home games - only $170,000 a game. Geelong on the other hand can bank more than $800,000 from a single match at Simonds Stadium.

"Through broadcasting rights, through sponsorship rights and through the asset that has been built and acquired at Etihad Stadium -- there has never been more money in the game,” Buckley added.

"There is absolutely no reason 10 teams in Victoria can't survive -- and won't survive -- for a long time.

"What we've achieved as a football club over the last eight or nine years and what the Western Bulldogs have achieved and others, who are probably down the financial ladder, has proven that."

Despite being the only Victorian club that does not rely on poker machine or gambling revenue, Buckley said North was in "tremendous shape".

"We don't have anything holding us back off the field, but you can't relax, it's still challenging every season, and we need our fans to become members of the footy club."

Through the generosity of its supporters, North has reduced debt from $8 million in 2008 to $1.25 million.

The AFL purchased Etihad Stadium at a cost of $200 million, nine years ahead schedule in 2025.