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Eddie McGuire has announced his resignation as President of Collingwood Football Club, effective immediately, following the release of a report that found “systemic racism” at the AFL giant, and his subsequent reaction to its findings.

McGuire's position, from which he already announced he was stepping down at the end of the year, had come under severe scrutiny after his response last week into to an internal report into racism at the club, with an open letter signed by politicians and Indigenous circulated in recent days calling for him to step down.

While the initially leaked report had been highly critical of the Magpies' history of race-related incidents, McGuire’s comments on the results of the independent investigation had been seen as downplaying there seriousness.

When fronting media last week, he described the release of the Do Better report as "an historic and proud day for the Collingwood Football Club" as it committed to take up the recommendations of the report, which was commissioned last year after allegations from former player Heritier Lumumba.

Later, McGuire (pictured) admitted he had missed the mark with those comments, noting "I got it wrong.

"I meant to sincerely acknowledge not only the enormous work the club had done (and) also the work of all our staff and their preparedness to take a deep and uncompromising look into our past as a club.”

Following ongoing pressure, McGuire today resigned from the role he had held for more than 22 years.

At a press conference today, McGuire reiterated his view the Magpies are not a racist club but admitted his position was now untenable.

Saying he did not want to prove a distraction to the players in the upcoming season, McGuire said the club's work in the community, including its programs with Indigenous people, showed it was not racist.

McGuire stated "I try my best and I don't always get it right, but I don't stop trying.

"From the moment I became the President of the Collingwood Football Club on my 34th birthday back in 1998, my sole motivation was to heal, unite, inspire and drive a new social conscience, not just into this club, but sport and the community in general and build an organisation that would be a place for opportunity for all people."

McGuire went on to say "people have latched on to my opening line last week and as a result I have become a lightning rod for vitriol, but (I) have placed the club in a position where it is hard to move forward with our plans.”

Highlighting the Club's work in the community and with at-risk Indigenous people, he added “it is why I'm so proud of our club and the people every day of every week who benefit and who are inspired by the very purpose of the being of Collingwood - and that is to be a beacon of hope for all people, particularly those at their lowest ebb or who have been socially isolated and left behind.”

The Do Better report was sparked by the testimony of Lumumba, who has complained he was subject to racist nicknames and was ostracised by the club when he spoke out.

Lumumba has said the report vindicated his concerns but the club’s response was “shameful”.

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