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.

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.