Carlton are potentially set to lose up to $2 million in annual sponsorship income after Virgin Australia went into voluntary administration on Tuesday, with the Blues promising their "unequivocal support" while the airline operates in Australia.

The Blues' multimillion-dollar deal with Virgin Australia was extended and upgraded during 2017 when the airline became a co-major partner of the club for five years, having initially spent three years as a platinum partner.

The current deal, estimated to have been worth between $1-2million per year to the Blues, was set to expire in 2022 although it carried an option to renew.

Carlton earned $71 million revenue in 2019 and had wiped out half of their $6 million debt before the coronavirus shutdown set them back. With a strong and loyal supporter base they remain confident they will be able to regain momentum once football returns.