FORMER Collingwood president Eddie McGuire insists the Magpies have become a "laughing stock" as the threat of a board challenge continues to loom over the AFL club.

The Magpies are on the hunt for a new coach after parting ways with favourite son Nathan Buckley in June.

But former Nine Network managing director Jeff Browne's bid to topple incumbent Collingwood president Mark Korda has become an ongoing distraction.

Mark Korda leaving the Holden Centre after Nathan Buckley announced his resignation at the Holden Centre on June 9, 2021. Picture: AFL Photos

Long-time Collingwood member David Hatley last month dropping his push for an emergency general meeting, despite gathering more than enough signatures, briefly eased some tension.

But McGuire, who stepped away from his beloved club in February after 22 years, has called for Browne - who is a close friend - to call off his presidential aspirations.

"That whole EGM nonsense was just a debacle, an embarrassment to the Collingwood Football Club," McGuire said in an impassioned plea on Channel Nine.

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"I can see this going on and on and on unless something happens and it's time for people who have the love of Collingwood as their main mantra to now step up.

There have been too many lunatics running around the fringes in the last six months

- Eddie McGuire

"The first thing I want is I want Jeff Browne to pull the pin on any EGM. I don't want an EGM at the Collingwood Football Club. The AGM (should) go ahead as planned in December.

"It's just made us look like a laughing stock. The reason we have the best sponsors and things is because we are a professional outfit.

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"Jeff Browne is a very impressive person, he's a great friend of mine. [But] I know the people on the board (currently). They can all run the club."

Collingwood CEO Mark Anderson, Eddie McGuire and club Integrity Committee members Jodie Sizer and Peter Murphy face the media on Monday. Picture: Getty Images/AFL Photos

McGuire claims he has heard "all sorts of shenanigans" happening behind the scenes that he thought he had "exterminated out of Collingwood 23 years ago".

"The only thing that will bring me back to the fray is if I see people vandalising the Collingwood football club," McGuire said.

"I want Jeff Browne to tell us what his idea of the future is. It is a sophisticated process for sophisticated people for a sophisticated football club.

"There have been too many lunatics running around the fringes in the last six months.

"Pull the club together for God's sake and get the best coach and get us back on track."