This is the view of Hawthorn president Jeff Kennett who said he would like to know where that funding is going to come from.

He said he was not averse to the Hawks facing competition in the state, but questioned the motives of the North Melbourne proposition and voiced concern that the capital's footy fans might be being offered false hope.

"We're not opposed to another team coming down. It can be made to work and we don't feel threatened by North Melbourne or anyone," Mr Kennett said.

"But the government has put considerable investment into Aurora Stadium, as has Launceston City Council, and are delivering a surface which I believe is the best in the league and an environment which is without peer. To gaze out on that view across the ground and the city beyond creates a wonderful feeling of community which you get at no other ground.

"If you were to move two games to Hobart that is going to substantially undermine confidence in Northern Tasmania.

"There would have to be a lot of money spent on doing up the facility at Bellerive before games can be played there which would cost a huge amount and I don't know where that money is coming from."

Mr Kennett said he understood that North Melbourne had applied to play four games at Bellerive in 2012, but reiterated that Hawthorn's arrangement was about a lot more than just playing games.

"Our roots are growing into the subculture of Tasmania. We're a very strong asset for Tasmania in what is its biggest tourism catchment area of Victoria. We are part of the Tasmanian marketing arm.

"This (rumoured deal) is a kite that has been floated, but a lot of water has to pass under the bridge. I hope something concrete comes of it and this kite is not being flown just to let people down again.

"The Premier has said the government will not fund them, the AFL has said they will not pay for them so I don't know who is paying.

"I hope the people of Hobart are not being misled."