Collingwood Football Club president Eddie McGuire has announced his immediate resignation from the role.

A damning report commissioned by the Magpies revealed a culture of “systemic racism” at the AFL club.

Despite earlier stating he would remain as president until the end of the year, McGuire said he no longer felt his position was tenable, after becoming a “lightning rod for vitriol” by describing the release of the report as a “proud day for the club”.

In his remarks, McGuire listed Collingwood’s social justice achievements including those for women, the LGBTQIA+ community, the homeless, and Indigenous men.

“This is why I say we are not a racist club. It is why I’m so proud of our club.

“Our game and our club have not always got it right, and for our part, we have always sought to do our best.

“That hasn’t always been good enough, and for that we are sorry.

“I leave knowing one thing for certain: that in every endeavour my heart has been true, that my devotion to fairness has endured and grown, and never have I ever turned my back on someone who’s looked for support.”

Image: Nine News