Shane Warne is planning to shut down his personal charity as sponsors withdraw their support amid concerns about mismanagement at the prominent philanthropic group.
The surprise move by the cricket legend also comes after The Shane Warne Foundation came under scrutiny last year by the consumer watchdog over "inconsistencies" in its reporting and accounting practices.
'Nothing to hide at the Shane Warne Foundation'
In November 2015, former Australian cricketer Shane Warne denied claims his foundation was under investigation by Consumer Affairs over its accounting practices.
A source close to the charity said its future is now in doubt following the recent "protest" resignation of its chief executive officer and the defection of at least two corporate sponsors.
It is understood Warne will attribute the demise of the foundation to recent media coverage of its poor financial performance and lack of transparency.
Mr Warne told Fairfax Media: "The board have not made any decision on the future of the foundation."
The foundation, which supports ill and underprivileged children, has been performing poorly in recent years after staging a series of star-studded gala events that failed to raise the expected level of funds.
Last year, inconsistencies in the foundation's reporting and accounting practices prompted Consumer Affairs Victoria to "monitor" the charity to ensure it was meeting its regulatory obligations.
"The Shane Warne Foundation has always done the right thing, but in the last few years there have been some problems with financial numbers for the events we have been running. It was not done through malice or incompetence," Warne told Fairfax Media last year.
But a pledge to overhaul the foundation has faltered after a number of sponsors have withdrawn their support and amid speculation the foundation's newly appointed chief executive officer resigned.
Accounting firm SY Group, speaking on behalf of the foundation, confirmed CEO Emma Coleman has resigned.
Fairfax Media understands Ms Coleman, who was hired to revitalise the troubled foundation in September, quit over concerns the restructure plans announced publicly were potentially misleading donors and sponsors.
Ms Coleman declined to comment.