PORT Adelaide president Brett Duncanson says a major opportunity has been lost with the South Australian Football Commission and SANFL directors' decision to vote against a proposed merger between the Power and Port Adelaide Magpies.

Directors of the eight other SANFL clubs had voted unanimously against the merger in a meeting at AAMI Stadium on Tuesday night, saying the plans did not contain a compelling business case to suggest an improvement in the Magpies' finances over the next three years.

The League directors' decision was made final when a special meeting of the South Australian Football Commission on Wednesday morning drew the same conclusion.

In a press conference on Wednesday afternoon, Duncanson said the reasoning behind the decision was difficult to understand.

"We spent some four months with some experts in differing industries that are affected by this merger. We believed we had a very strong case that those two balance sheets came together and that the model would have generated some significant funds in year one to the tune of six figures," Duncanson said.

"The decision this morning is incredibly disappointing for the Port Adelaide people.

"The merger model was a good Port Adelaide solution for the Port Adelaide challenges and it is our view that it's a major opportunity lost for South Australian football and importantly for the Port Adelaide Magpies, which will now continue in a very serious risk position.

"The Port Adelaide Football Club has done everything in its grasp to find a solution for the Magpies, but it will now be up to them. We'll work closely with them and assist where we can to find a solution, but we believe last night was the only solution."

The AFL club will now refocus its attention on sourcing another viable business model to help shake its $5 million debt.

Stadium revenue, which was raised at the Commission table on Tuesday night, is likely to be central to any new model.

The Crows and Power are ranked 15th and 16th respectively in the AFL when it comes to financial gains from their stadium arrangement.

Duncanson said it was time the deal at AAMI Stadium was revised to bring the two SA-based clubs up to the competition average.

"We are 16th by some $1.8 million and we're some $4.5 million behind the industry average on stadium yield," he said.

"If you put $4.5 million down to our bottom line each year, we are a very viable football club."