Collingwood president Eddie McGuire wept tears of joy as he watched his beloved side clinch a long-awaited AFL premiership.

Until their crushing 56-point victory over Saints at the MCG, the Magpies, the best supported team in the AFL, had managed only one victory in their past 13 grand final appearances, their last way back in 1990.

McGuire had felt the pain as president when Collingwood lost grand finals in 2002 and 2003, so Saturday's tears during the last quarter after a Dale Thomas goal were a show of elation, relief and pride.

"It's better than I ever dreamt," he said.

"It's just a wonderful opportunity for the Collingwood team and the fans.

"We say that side by side we stick together and to see this team that's been put together by Michael Malthouse ... it's just been absolutely fantastic.

"The super sacrifice of Simon Prestigiacomo, to see guys like Nathan Brown who thought he was out last week play out of his head, to see guys like Leon (Davis) train hard and be part of this.

McGuire said he "didn't want to sound facetious" but really felt for St Kilda, who have now endured their second successive grand final loss, just as his side did.

He said the grand final win was for more than just the current crop of Collingwood players.

"To have Ray Shaw here today who was such a great Collingwood player and captain, finally the monkey's off his family's back.

"He's a wonderful Collingwood man and he watched his son Heath play a wonderful game today, there the little sub-stories when you look around everywhere."

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