An AFL team in Tasmania stacks up financially according to a state government-backed report which debunks myths' around the proposed venture.
A five-year plan for the Tasmanian Devils Football Club to enter the AFL in 2025, plus proposed costings, have been laid out by a specialist taskforce.
"We strongly believe the case stands on its own ... it can stack up," taskforce chairman and former Virgin Australia CEO Brett Godfrey told reporters on Friday.
"They (Tasmania) deserve it, not because of heart-on-the-sleeve stuff ... but because every impediment has been addressed.
"Nobody can say Tasmania doesn't have a team because of Tasmania. This does debunk all of that."
An initial investment of $45 million, split between the AFL and federal and state governments, would be required to cover the initial set-up of the club, the report suggests.
From there, the state government would underwrite the team by $11 million a year, safeguarding the AFL from "another Greater Western Sydney, North Melbourne or Gold Coast Suns scenario".
The state currently invests $8 million per year to host eight Hawthorn and North Melbourne men's fixtures and two AFLW games.
A Tasmanian side would add $110 million to the state's economy per year and create more than 360 jobs, the report says.
Premier Peter Gutwein and Godfrey will continue to push their case with the AFL.
The AFL is reviewing the report and will respond at an appropriate time, a spokesperson for the league said.
Hobart-born Richmond star Jack Riewoldt has thrown his support behind the bid.
"We really don't know when it will come but with the talent down there and the love for the game, it's a no-brainer in my eyes," he said.
"I don't think the retention of players will be an issue there whatsoever. Plenty of kids come from regional parts of the country and there are some amazing things to do down in Tasmania."
Hobart would be the likely team base, with bigger blockbuster matches to be held at Launceston's larger UTAS Stadium, which would be upgraded from 20,000 to 27,000 seats.
The report warned the popularity of AFL was falling in Tasmania and the sport would no longer be the state's most played in 2030.
"I hope for the sake of the game in this state that they determine protecting a core AFL heartland is a good business decision," Mr Godfrey said.
"It's far to say the game is at risk."
Tasmania should reject offers of a VFL team if no commitment is forthcoming for an AFL club, the report recommends.
Tasmania's deals to host North Melbourne and Hawthorn matches expire at the end of 2021.
Gutwein, who spoke with Hawks' boss Jeff Kennett on Friday, has flagged "transitional deals" with the two clubs between then and 2025.