Shane Warne Foundation to close

The Shane Warne Foundation will cease operations following allegations of financial mismanagement.

Shane Warne.

File photo. Source: AAP

The Shane Warne Foundation has announced it is ceasing its operations.

The cricketing great announced the closure of his troubled charity on his Facebook page and on the foundation's website on Friday afternoon following allegations of financial mismanagement.

"The Shane Warne Foundation officially announces it is ceasing operations and has begun the process of closing the Foundation," the post from Warne said.

Warne has previously rejected claims the charity passes on just 16 cents in every dollar raised to its nominated charities.

"In response to recent, unwarranted speculation about The Shane Warne Foundation and its distribution of funds, we confirm we have distributed $3.67M to date with an additional and final substantial cheque to be distributed on March 18, 2016," the post said on Friday.

"At that time, we hope to have distributed over $4M dollars. All accounts have been fully audited by KPMG, and our final accounts will also be audited for the March 18th cheque presentation."

Earlier this week it was revealed Consumer Affairs Victoria had ordered an independent audit of the foundation after it failed to lodge key financial documents by a deadline toward the end of 2015.

At the time Warne declared he had "absolutely nothing to hide".

Reports a charity poker match scheduled for this weekend was cancelled prompted speculation of Warne's wind-up plans.

The Shane Warne Foundation was launched in 2004 with the stated aim of enriching the lives of seriously ill and underprivileged children and teenagers in Australia.

It counted Lloyd Williams and James Packer among its board members, and several sports stars and media celebrities among its ambassadors.

2 min read
Published 29 January 2016 at 2:50pm
Source: AAP