On Tuesday night, a meeting of the Yarra City Council determined that the club’s VFL team would relocate its 2010 home games from Carlton's Visy Park to Victoria Park, the spiritual home of the Collingwood football club.
McGuire said the move has thrilled plenty of people.
"Leaving Victoria Park was the hardest thing we've ever done in our lives. It broke our hearts. We stood out here in that last game, and it meant so much," he said on Wednesday from the Abbotsford ground.
"Now to be able to come home to our people and contribute and have Victoria Park as part of our organisation again, is just one of the most wonderful moments in the time I've been president of the club.
"The fact this has been embraced by the community brought a tear to a lot of peoples' eye last night in the chambers down at the Yarra Council.”
McGuire said the relocation will mean a lot not just for Collingwood supporters, but the people of the community who have been such a significant factor in the history of the club.
"We're delighted. The old Magpie is back – next year, the black and white stripes will be parading up and down Victoria Park as it always has been and always should be, and we've got the best possible scenario as far as our football club is concerned."
In return for the council’s decision to facilitate the relocation, the Magpies have agreed to host, operate and support a series of community programs in partnership with local government that will provide benefits to community groups.
The club's submission to the council was unanimously approved at a packed meeting on Tuesday night at the Richmond Town Hall.
McGuire said the move would not see the formally derelict arena redeveloped, and was not designed to attract big crowds.
Instead, the Pies were looking to help make Victoria Park a facility that the entire community could use and benefit from.
"We're getting a really good run on this ground, to be able to come back and play on it and get all those wonderful heart-warming things, but at the same time, we want to contribute to the people that live right around this area,” McGuire said.
"We're not building this up into a stadium. We're doing this as a community program. This is not Collingwood coming back to Victoria Park to play big games. We're not thinking of building the next Telstra Dome or anything here.
"We play at the MCG, we've got the biggest and best facility you can possibly have. This is about community sport, community football, and giving back to the people of Collingwood."
However, McGuire said the changerooms would be "fixed up to VFL standard", while the Mayor, Cr Amanda Stone, said most of the outside walls would be pulled down so the community would have direct access to the ground.
