Frankston defeated Camberwell 15.13 (103) to 13.11 (89) in front of 12,291 at Toorak Park, and full-forward John Hunter kicked 6 goals in the side 14-point win.

The mid-1990s saw a turbulent period for the VFL with many clubs disbanding and re-organising continuously, yet Frankston remained stable and competitive.

Led by former Carlton premiership player David Rhys-Jones, Frankston managed to make the 1996 and 1997 VFL Grand Finals although would lose both matches.

Grant replaced former Melbourne defender Brett Lovett, who spent six years as coach of the Dolphins.

[17] In the 2010s, the club began to face financial difficulties, which was exacerbated in particular by a turndown in profitability of its pokies licence.

It sold off the licence, which by this time was returning a loss, in May 2016,[18] but with debts in excess of $1 million, the club went into voluntary administration late in August 2016.

It had no playing presence during 2017, but after improving its viability during the year it successfully regained its licence to return to the VFL in 2018.

[21] Weak on-field performances accompanied this period of off-field struggle, and the club was winless in 2015 and did not finish outside the bottom two between 2015 and 2019.

On the morning of 13 February 2008 the Frankston Football Club's historic grandstand, named after stalwart Bryan Mace,[22] was destroyed by fire.