CARLTON Football Club is off to the polls, with two members seeking inclusion on the Blues' board at next month's annual general meeting. 

Incumbent director Chris Judd is one of five candidates vying for three board positions in an election to be determined on February 24.

Under the club's constitution, football director Judd and fellow incumbents Chris Townshend (who has worked closely on the Blues' Ikon Park redevelopment masterplan) and David Campbell (who has advised the club on culture and recruitment) were required to re-nominate for their spots. 

Two long-time members have nominated for the vacancies, forcing the club to conduct a ballot.

News of the election comes as the Blues continue to slash their debt.

Carlton has gone from $6 million in the red this time last year when it launched a 10-point strategic plan, to $3 million in arrears. 

The club was able to pay $2 million off its debt during 2019, and will today slash another $1 million off it.

Carlton chief executive officer Cain Liddle said the Blues were now confident of bringing forward original plans of being debt free by the end of 2023. 

Carlton has managed its aggressive financial turnaround despite launching it in a timeframe in which both its men's and women's teams have secured wooden spoons.

"This off-field improvement has not only allowed the club to pay down debt, but most importantly it has allowed football department investment to increase significantly, and Carlton will be in the top three AFL clubs for football department spend in 2020," Liddle said. 

Carlton had more than 64,000 members last year and is tracking to significantly better that number in 2020.

The Blues have not been debt-free since 1996.