James Brayshaw has described the North's current position as 'staggering' during an impassioned speech at Tuesday night's Annual General Meeting.

The club's chairman believes all North supporters should be proud of the work that's been done since the Gold Coast relocation bid was rejected.

"The distance this club has come in six years is a credit...to everyone who has bought a membership, everyone who comes along and watches us play on the weekend and the whole North Melbourne family."

"At the end of 2007, an independent accounting firm delivered the news to the then Board of our club, of which I was a member, that the North Melbourne Football Club was technically insolvent," Brayshaw said.

"(We were) Unable to trade, not in a position to pay our bills, not able to continue at that stage was a going concern.

"What has happened in the ensuing six years has been nothing short of staggering. Most people in football doubted that this club would even be in existence in 2013, let alone be in the position we currently are.

"Revenue from $23 million to over $30 million, membership from 23,000 at that point to a record of just under 35,000 last year and on track to beat that record again this year."

Brayshaw also highlighted an increase in TV ratings and merchandise sales.  The club's debt has also fallen under $4 million due to the success of the Box On debt reduction campaign.

"We sit tonight in a $15 million facility that's as good as any that currently exists in the AFL. $2 million has just been spent upgrading the ground...getting it to the point where it's almost identical to Etihad Stadium."

Brayshaw said there were more reasons to be proud of the Roos than ever before.

"Celebrate the fact that I reckon we'll be debt free in three years and what an unbelievable thing that will be.

"Celebrate the fact that instead of our facility being the butt of every poor footy joke...celebrate the fact the building is elite.

"Celebrate the fact that both expansion clubs have established their list over the last two years with access to uncontracted players and we haven't lost one player to either of them.