Collingwood president Eddie McGuire has apologised for an on-air gaffe suggesting Adam Goodes be used to promote the musical King Kong, but insists he will not resign.

McGuire's comments on Melbourne radio this morning came only days after he made a public show of support for Goodes, who was racially abused by a Magpies supporter during last Friday night's AFL match at the MCG.

McGuire immediately issued an on-air apology and later held a media conference where he publically apologised but said he would not consider stepping down.

"It's as simple as this. It was said, and I do not resile from that situation. I've put my foot in it," he said.

Sorry, this video has expired Fatigue led to racially-charged 'slip of the tongue': McGuire

"I'm happy to stand here in front of everybody, in front of the country, and say we do not stand for racial vilification. I let myself down because I had a slip of the tongue.

"[But] people don't resign because they make a slip of the tongue. It's as simple as that."

McGuire said he was "zoned out" and tired when he made the remarks on his Triple M radio program as he and co-host Luke Darcy were speaking about the launch of the new stage production of King Kong in Melbourne.

McGuire suggested Goodes be involved in the promotion of the production.

"I wasn't even thinking, I was thinking the exact opposite of what slipped out," he said.

"I've spoken to Adam Goodes today who again showed the class he had to accept my call, to listen to my reasoning.

"When I realised what had been said, about 20 seconds later, I went and did an air check... I immediately retracted and apologised... I wasn't trying to be a smart aleck, certainly not to racially vilify anyone.

McGuire: "Get Adam Goodes down for it do you reckon?" Darcy: "No I wouldn't have thought so, absolutely not." McGuire: "You can see them doing that can't you?" Darcy: "Who?" McGuire: "Goodsey." Darcy: "What's that?" McGuire: "You know with the ape thing, the whole thing, I'm just saying the pumping him up and mucking around and all that sort of stuff."

AFL chief executive Andrew Demetriou, says the league won't punish McGuire for his on-air gaffe.

"He's punishing himself this morning, I've got no doubt," Demetriou said.

"It's unfortunate, and I'm glad he's apologised quickly, but he demonstrated on Friday what we all believe, that there's no place for any discrimination in our game."

The AFL said in a statement McGuire will go through the code's Racial and Religious Vilification Policy process.

The rules require McGuire and Goodes to speak directly, or through a mediation process, before McGuire takes part in an education program.

McGuire: 'We do not stand for racial vilification'

McGuire says he is well aware of the hurtful significance of comparing an Indigenous man to an ape.

"I wasn't even thinking, because it's absolutely filled my mind since the incident happened on Saturday night," he said.

"I've spent all week talking to people about what's the significance of an ape to an Indigenous man. This is something that is abhorrent to say, this is something that is terrible.

"That's what was on my mind, it was just something that just came out, it was simply a slip of the tongue mistake that I didn't even realise I said at the time. As soon as I realised, I made every effort to rectify the situation.

"Once I realised what had happened, I made every step possible to repair the hurt that had been done. I'm happy to face the court of public opinion."

McGuire says his community work over the past 30 years shows he is genuine in his stance against racism in Australia and the AFL.

"Adam Goodes this morning woke up and had to go through something again that he should never have had to in the first place," McGuire said.

"I don't step away from these responsibilities. I made a blue this morning. My excuse? I was a bit zoned out. Bad luck, every gun is loaded, every mic is on. I made a mistake.

"Now I'm going to make the difference that needs to be done and I will continue to do what I've been doing the last 30 years in the media, and that's to continue to fight for equality.

"It's only tough because people are hurt. It doesn't matter about me. It's a cause that I live for.

"Any reference towards monkeys is the height of racism, because it makes someone think they are subhuman."

Goodes tweeted a link to a website article regarding the incident this morning.

Morning Australia this is what I have woken up to. http://www.afl.com.au/news/2013-05-29/mcguires-king-king-gaffe … #racismitstopswithme #bigweekinfooty # - Adam Goodes (@adamroy37) on Twitter

Swans chairman: McGuire will have to live with comments

Sorry, this video has expired Sydney Swans 'bewildered' by McGuire King Kong comments

Speaking at a Sydney Swans news gathering, Swans chairman Richard Colless expressed his dismay at McGuire's remark, given the support the Collingwood chairman had offered Goodes over the weekend.

"As a club, I guess it's impossible to underestimate how disappointed we are given who the individual is and given the highly commendable role he played on Friday in providing the support to Adam," Colless said.

"The word we came up with earlier was 'bewildered', we just don't get it.

"I thought the transcript was pretty explicit and I just said [to McGuire] 'I just don't think you've got anywhere to go on this. How can you defend comment as crass as the one that you've made?'

"I hope it wasn't premeditated comment. I hope it was spontaneous. He gave it no thought and it just came out. I seriously hope that was the case.

"I think that Adam has unbelievably, in my opinion, graciously accepted Eddie's apology.

"I think Eddie's going to have to live with this for a long time. I think it will be brought up on a regular basis."

Swans coach John Longmire says despite Goodes's considerable hurt, he believes some good will come out of the situation.

"Adam's obviously experienced a couple of emotional days. He and us are very disappointed in the comments he made this morning," Longmire said.

"As painful as it has been for Adam we believe a lot of good will come out of this.

"We'll support Adam as much has we can, he was certainly emotional about the comments today. We'll support Adam like we did after last weekend's events."