UPDATE: Nathan Broad has been suspended for the first three games of the 2018 AFL home-and-away season.

The Richmond premiership player was handed the club-imposed suspension on Monday morning, as president Peggy O'Neal addressed the media regarding the photo scandal.

"I am ashamed and I am embarrassed. I made a very bad drunken decision โ€ฆ (and) I let down a young woman who I cared about,โ€ Broad said in a statement to the media on Monday.

President Peggy O'Neal and defender Nathan Broad will make statements to the media at 11am in reference to the topless photo scandal.

An image of a bare breasted woman with a Richmond playerโ€™s premiership medallion around her neck first hit social media just days after the Tiger's grand final success, with the woman claimed she did not want to make the photo public.

According to Seven News Melbourne, the woman knew the player, and asked for the photo to be deleted immediately, and Broad, who is now allegedly the player in question, assured the woman it had been deleted.

The woman at the centre of the scandal was "shocked" and "extremely confused" when the photo became public.