The Hawks embarked on a three-year Demolition Debt program to wipe off the debt - announced at the club's 2008-09 annual general meeting - but achieved their goal within 12 months.

The debt to Cricket Victoria was on top of the club's operating loss of more than $140,000.

President Petar Ivetic said it was a historic time for the club.

"The club was faced with a crippling debt that threatened its future. We accepted responsibility and sat down to tackle the problem head-on.

"Financial discipline and control, a Debt Demolition program, and a one-off grant from Monash University helped us pay off the debt 24 months before schedule.

"The club has also worked hard on rebuilding relationships, not only with other Premier clubs but also with the cricketing community in general.

"Our strategy and direction is to continue to focus on how we can give back to the community. This includes establishing relationships or partnerships with a number of local clubs.

"A community program plan is being developed and we are working with both our key stakeholders in Monash University and Cricket Victoria on developing this program.

"The club has also a junior development program in place that has identified 25 talented young players [aged 14 to 17].

"There is no doubt a number of these young players will be playing at the highest level in years to come."