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North Melbourne chairman Ben Buckley has hit out at critics of the Kangaroos, saying the AFL club will "always be based at Arden St".

North Melbourne chairman Ben Buckley has slammed critics of the AFL club who have been calling for the Kangaroos to relocate to Tasmania.

Buckey hit out at ongoing speculation over North's future in Victoria on the same day the club announced coach Rhyce Shaw was leaving immediately.

It means North are searching for their second coach in as many years as they undergo a major list rebuild after finishing 17th this season.

Buckley says the club is in a "very stable position" after wiping out a mountain of debt during the last decade.

"We're in much better health off the field than people would have you believe," he told SEN on Thursday.

"I've said repeatedly and consistently that our home is at Arden St.

"We will always be at Arden St. We will always be a team that's based in North Melbourne.

"We will work very, very hard to get the best possible resources to support the exciting group of young players that we have.

"We think we can move back up the ladder reasonably quickly."

North will continue to sell home games to the Tasmania government, having played matches in Hobart since 2012.

Tasmania desperately wants its own team, but is happy to continue hosting the Kangaroos, and Hawthorn in Launceston, until a 19th license is handed out by the AFL.

North will begin their search for a replacement for Shaw straight away.

"We are moving quickly towards establishing that panel (to look for a new coach)," Buckley said.

"We'll be hopefully be in a position to announce that in the next couple of days.

"The key thing about this is to get it right."

As well as Shaw, a number of other coaches, including senior assistant Jade Rawlings, have recently left the club.

Roos premiership great John Blakey has returned to Arden St after more than a decade working in Sydney but is unlikely to be considered for the head coaching role.