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Melbourne have declared themselves in the strongest financial position in club history after selling the Bentleigh Club for $23.7 million.

AFL grand finalists Melbourne have cut ties with poker machine revenue following the $23.7 million sale of the Bentleigh Club.

In a letter to Demons members, president Kate Roffey and chief executive Gary Pert declared the sale the "most significant financial transaction in the club's history".

The proceeds will be reinvested into a future fund to off-set the lost income the Demons previously generated through poker machines.

The massive off-field boost comes with the Demons in position to snap a 57-year premiership drought when they take on the Western Bulldogs in the grand final on Saturday week.

"At a time when we are experiencing great success on the field, the sale of the Bentleigh Club highlights our strength and stability off the field too," the letter said.

"Financially, we are in the strongest position we have ever been in our long history as a club and this is a crucial step in solidifying this financial security.

"The club is debt free and now in a position to future proof itself.

"The establishment of a future fund will ultimately secure the club's long-term financial viability."

The sale of the Bentleigh Club will not settle until August 2022.