Collingwood list manager Ned Guy has denied the Magpies had a “fire sale” and labelled reports of salary caps issues as a “beat up” in a bizarre interview on Fox Footy tonight.

Guy said Collingwood’s decisions to trade out stars Jaidyn Stephenson, Tom Phillips and Adam Treloar today were based on a want to replenish their list, just two years after playing in a grand final.

The comments come after Stephenson blasted the club in numerous interviews over his exit to North Melbourne, saying he was “hurt” to be told he was no longer wanted by coach Nathan Buckley.

“A couple of days before the trade period my manager mentioned I might be traded. It was a bit of a shock at the time,” Stephenson said on SEN.

“I heard nothing from the club so I gave (coach Nathan Buckley) Bucks a call myself to see what was going on and he pretty much said, ‘Look for a trade’.

“That phone call I made to the Bucks was the only time I spoke to anyone in the hierarchy at Collingwood.”

Guy said after talks with both Treloar and Stephenson, they decided to seek moves to the Western Bulldogs and Kangaroos respectively.

“I don't think it's a fire sale at all, I think we just wanted to replenish the list and to be able to get into the first round, you've got to be able to give something up.,” he said.

“Just continual conversations throughout beyond the exit interview process with Jaidyn, with his management. It just got the point where Jaidyn was keen to play for North Melbourne.

“We had some conversations with Adam Tim (manager) originally around whether his family was going to move to Queensland and whether he wanted to do that. It probably just evolved from having that conversation, to he thought he'd have a look at another opportunity.

It is believed Collingwood moved on $2m from their salary cap today as they look to re-sign the likes of Jordan De Goey.

But Guy called reports of salary cap issues as a “beat up” and their media silence fuelled the fire.

“I think it’s topical and people like to talk about it,” he said.

“We didn’t do much media throughout this trade period and that’s a lot to do with the agreement we put in place. Due to that the speculation just kept rising.

“We don’t think it’s as bad as people have put out there.”