THE Geelong Football Club is on course to be debt free in the near future after receiving great support at the launch of the Our Ambition fundraising drive.

The first function under the Our Ambition banner was held in Melbourne’s Docklands precinct on March 19.

READ: Cats announce plan to erase debt

A number of the club’s most prominent supporters attended, and it was announced that $10 million has so far been pledged.

The money includes a donation of $3 million from Robert, Anthony, Kevin and Frank Costa.

The proceeds of the Our Ambition project will be chiefly used to erase the debt stemming from the Cats’ previous contributions to the redevelopment of Simonds Stadium.

“This money will also pay for our club’s contribution to the Stage Four redevelopment of Simonds Stadium without the club needing to go to the bank,” Geelong chief executive Brian Cook said at last weekend’s function.

Cook is confident that the fundraising drive, combined with the redevelopment of the stadium, will help ensure the club's future for the next two or three decades.

“Stage Four is enormously important for our club and enormously exciting,” he said.

“Outside of our three Grand Final wins, it is one of the two most important things that have happened during my time at the club.

“Stage Four is every bit as important as when the Bendigo Bank halved our debt back in 1999.

“And to now have such great support for the Our Ambition campaign means the club is on course to have a very bright future.

“We’ll eventually be debt free for the first time in about 50 years, and we won’t owe one cent in a newly completed stadium.”