Holden could drop sponsorship after Eddie McGuire comments

Holden are reviewing their lucrative Collingwood sponsorship, adding a critical new element to the controversy involving prominent AFL figures Eddie McGuire and Caroline Wilson.

The carmaker revealed on Monday night that it had sought a meeting with the Magpies to discuss the issue involving their president.

The deal, understood to be worth $3 million per year, includes naming rights for Collingwood's administration and training headquarters near the MCG.

"Holden is engaging with Collingwood to directly express our disappointment and discuss the future of our sponsorship," the company posted on its official Twitter account.

McGuire said on Tuesday morning he could understand the position of one of the club's major backers.

"They're entitled to it," he told Triple M.

"They put their name to the club. I hope we can work through the situation."

McGuire will front a scheduled Magpies board meeting on Tuesday night, and while he admitted he'd reconsidered his position at the club, he indicated he would not be vacating his post.

"I will only be there if I'm a positive force and not a negative one," he said.

"At the moment I have been a negative force for the past few days, but I will work hard." McGuire, North Melbourne chairman James Brayshaw and All Australian selector Danny Frawley suggested Wilson should be the only participant in next year's charity ice slide at the AFL's Freeze MND match on June 13 ahead of the Melbourne-Collingwood clash.

McGuire said he would pledge $50,000 "if she stays under", before going on to describe Wilson as "like a black widow" spider.

Brayshaw then said he would also pledge money for it, while Frawley added he would hold her under.

Both have since apologised.

McGuire issued a video statement through the Collingwood website on Monday evening, apologising unreservedly to Wilson.

"In the last 24 hours and particularly (Monday) morning, I've seen the impact of the comments on (Caroline)," McGuire said of the respected sports journalist.

"No person should ever feel uneasy or threatened in football's family and for that I am deeply sorry and I apologise unreservedly to Caroline for putting her in that position."

McGuire's comments earlier on Monday about the controversy were dismissed widely as being insincere.

AFL chief executive Gillon McLachlan issued a lengthy statement blasted the comments, but stopped short of sanctioning McGuire, despite having broad powers to do so.

Wilson was upset by the original comments, saying there was venom in them, but said he accepted the apologies.

"He (McGuire) has definitely changed his tune - he's had a few cracks at it and he's finally got there," she told Channel Nine's Footy Classified.

"To his credit, what he said (on Monday night) was absolutely acceptable and I really appreciate he's done it."

- AAP