The succession plan that Eddie McGuire worked so obsessively to stitch up is now in place - but with an extraordinary twist - following the announcement that Mick Malthouse has re-signed as Collingwood coach until the end of 2011 when he will be succeeded by Nathan Buckley.

Buckley has agreed to serve an apprenticeship as an assistant under Malthouse before taking over the senior role for three seasons from 2012 to 2014 in a deal that effectively ties him to Collingwood for the next five years.

After handing over the coaching reins, Malthouse will take up a new role as Collingwood's director of coaching through to the end of 2014 with a contractual timetable that mirrors Buckley's.

The arrangement was conceived by Malthouse, agreed to by Buckley at meetings last Monday and at the weekend, and ratified by the Collingwood board on Monday in the wake of Buckley's rejection of North Melbourne's offer of the senior coaching role at Arden Street for the next four seasons.

The 37-year-old's decision to return to the club he represented in 260 senior games means he's also turned his back on the Tigers who rated him as the No.1 contender to fill their senior coaching vacancy and with whom he was scheduled to meet later this week.

Seated between Malthouse and Buckley at Tuesday's media conference at the Lexus Centre and looking like the cat that got the cream, McGuire described the deal as a resounding win for all parties.

"It was a humbling experience to see the self-sacrifice of both men, the dedication to the task at hand and then the coming together as they worked through how this would work," said McGuire.

"Both men did that themselves and came up with the solutions for us as a board to then consider."

Malthouse said he has no doubt his working relationship with Buckley will be professional and prosperous.

"There is going to be sceptics," said Malthouse.

"I know there's going to be people who will say, 'how can you work with Nathan Buckley because he's such a strong-willed person?'"

"I worked with 'Bucks' for eight years and ... the player-coach relationship was as good as any player-coach relationship I've ever had."

"One of the things that we pride ourselves on here ... is the word 'side-by-side' - I won't have to look over my shoulder and those that know Nathan well enough know that I won't have to do that."

"We go through it together and