McGuire's comments, in which he said he would pay $50,000 to see The Age's senior football writer Caroline Wilson stay under a pool of iced water, drew widespread condemnation and forced him to eventually apologise.

Buckley said the saga has had a significant impact on the football club but commended McGuire, who is currently overseas, for being "man enough" to take responsibility for his choice of words.

"It is a significant impact because it's something that involves the whole football club," Buckley said.

"It's clearly been a really big issue ... it was great to see Ed take responsibility for it.

"We're a club that believes in respect for all and Ed slipped up in that regard and he's apologised internally as well as externally for what he said.

"Fundamentally as a football club we know exactly what we want to stand for and Ed understands that his actions and comments were not representative of the Collingwood footy club or of his own personal values, I would have thought, and has communicated as much."

The Collingwood president is "deeply affected" by the fact his comments have caused so much hurt, according to Buckley.

"I've had a couple of chats with him and there's probably two parts to that – how it impacts him personally and how it impacts the people that he's involved with, the organisations that he's involved with," Buckley said.

"He's a proud man so he was disappointed with it ... whilst we don't condone the comments, we support him as much as we can."

Meanwhile, Buckley described Richmond's boycott of Triple M over the incident as an "outlier" compared to the other 17 clubs.

"But that doesn't mean that we don't support the rest of the community to condemn anything that encourages disrespect to any part of our community," he said.