To see Victory training with new signing Nick Ward today...

The defending champions are currently in sixth place and have only an outside chance of making the finals this season...and could even pick up the wooden spoon.

Angry fans have been demanding Merrick's dismissal over the poor run of results but the board have vowed to stick with Merrick.

"It's not even an issue," club chairman Geoff Lord told Melbourne's Herald Sun yesterday.

"We have a contract with him as coach and we'll run with the contract."

But Lord conceded the on-field performance had been shoddy, and had a veiled warning about missing out on the finals this year.

"Obviously it's been disappointing," Lord said. "But we've still got a chance to make the finals.

"It's not impossible, but it's very hard, and for us to not make the finals would be unacceptable.

"We would have to make time to analyse what's gone wrong and why so we can take some corrective action, and it would involve everything from the board to the CEO to the football management to the players."

He added: "We've had a lot of injuries and suspensions and that hasn't helped with a settled side.

"At the start of the year we thought we improved the squad and we actually have. But results haven't shown that. So we'll be looking at everything."

Although match results have failed to come up to scratch, financial results are looking good for the club.

They made a $100,000 profit up to June and improved sponsorship deals, Asian Champions League matches plus membership packages should see that rise this year.

Lord added: "When the seven other clubs have made a combined loss of about $10.5 million, that's not bad."

To see Victory training with new signing Nick Ward today...