Collingwood president Eddie McGuire has vowed to sue Facebook over ads that purport to show him as an outspoken ambassador for an erectile dysfunction drug.

The fake ads, which appeared on the social media platform, are designed to resemble a GQ Magazine article and quote McGuire talking about erectile dysfunction.

The fake article also references appearances by McGuire on the daytime American advice show Dr Phil, hosted by Phil McGraw.

“Dr Phil and I have done our research, spoken to specialists and industry insiders and they helped us create this product,” the fake article quotes McGuire as saying.

“I’ve tried Viagra, I’ve tried Red Ginseng, I’ve tried Cialis. Alpha Pro Testobuild blows them all away.”

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The media personality pointed the finger at Facebook and is now threatening to sue them for circulating the “bogus story” after his fellow breakfast hosts on Triple M Melbourne discovered the story and asked him if there was any truth to it.

Camera Icon The Collingwood president is not happy. Credit: The Slattery Media Group

“I’m gonna sue their arse off,” McGuire said.

“This is a week after Facebook has just been excoriated in America about false news and they’re able to just run a completely bogus ad.

“It’s not only fake news, it’s defamatory and it’s incorrect."

The bogus article has since been removed from Facebook.

The saga comes after Maguire’s commentating drew the ire of West Coast fans during the Eagles’ win over Carlton on Saturday.

Social media lit up with criticism of the Collingwood president, with many accusing him of being one-sided and ‘pro-Carlton’ in his call.

Channel 7’s Tim Watson said this morning he would have been “outraged” if he was an Eagles fan.

“A lot of people are saying that commentary was biased towards Carlton — the way the commentators were trying to build Carlton, build Carlton and build Carlton, and it was something I noticed, too,” Watson said on SEN.

“If I was a Carlton player and I listened to that, it was almost condescending.”