However, the Hawks' new management team, headed by president Petar Ivetic, has the backing of CV and Monash University and is confident it will restore the club to its former glory.

Last month, an audit revealed the club had an operating loss of about $140,000 for the 2008-09 financial year.

Money was spent on flag poles ($10,000), coaching staff ($27,000), professional players ($33,000) and annual reports ($9800).

CV executive officer Tony Dodemaide said the audit revealed a "horrendous" loss.

"There are certain conditions CV imposes for the financial health of a club and on that basis we are working with the club to gain an understanding of how it got itself in that position."

He said a CV pennant committee was investigating the liquidity and financial health of the club and professional player arrangements.

The investigation, which should be completed within a week, had not revealed any breaches that had to be reported to police, he said.

Mr Dodemaide said he didn't think the club would be closed down.

"We're finalising the terms including the repayment of [a $44,000] grant. We're very conscious of the new administration and in principle we support them and are looking to help. They have been very open and co-operative."

The club has secured at least five revenue streams for the 2009-10 season including sponsorship from Bendigo Bank's Glen Waverley branch and Pinewood Community Bank, cricket balls from Platypus, and apparel from AGS Sports.

Revenue will also come from CV dividends, Monash University grants and social members.

The club has implemented processes to protect it against financial mismanagement, including that any expense of more than $1000 required committee approval.

While the Hawks lost seven players last season, a number have returned since the new committee was voted in last month. They include Matthew Hewat and Dale Christie, who have rejoined as assistant coaches.