Then, in 2006, hopes that it might be third time lucky were conclusively dashed on grand final day by a much more talented and cohesive Launceston side, which ultimately won with ease by 57 points.

AFL Tasmania's CEO Scott Wade announcing that the club had fourteen days to prove to the sport's governing body that they were able to put plans in place to reduce the debt or they would face immediate expulsion from the Tasmanian State League for poor financial management.

The club is no stranger to financial turmoil, having been in trouble for most of the previous twenty years stemming back to their appointment of former Hawthorn legend Peter Knights as senior coach in 1990.

The new directors endorsed include multiple world champion woodchopper David Foster, former assistant coach Mark Fagan, former East Devonport Football Club president Peter Mitchell, former players Pat Fagan and Barry Duckett, supporter Peter McConnon, and marketing consultant Trudi Jones.

The playing group was left battered by the player exodus which included star midfielder Kurt Heazlewood moving to WA for work and forward Ben Reynolds signing at Glenorchy.

The club has started to put back together there playing list by signing Ulverstone pair Justin Rodman and Tim Mee.

After what some had described as a big pre season for the Magpies with an improved list and developing youngsters, Griffths' reign only lasted 5 games before he resigned.

The club lost Justin Rodman and Jack Vanderfeen to Ulverstone, Brennan Kendal to Queensland and Quade Byard to a knee injury.