The mystery bidder for Shane Warne's Baggy Green cap has been revealed as Commonwealth Bank, who paid $1,007,500 for the cap with all proceeds going to aid bushfire victims.

Social media had lit up with speculation the anonymous buyer listed on the auction house website as 'MC of Sydney' was former cricket captain Michael Clarke, a close friend of Warne.

Donate to cricket's Red Cross Disaster Relief and Recovery fund

However, the initials are now revealed to have stood for CommBank CEO Matt Comyn, who said the Baggy Green cap would be taken on a national tour to help raise further funds for the bushfire victims before eventually being put on permanent exhibition at the Bradman Museum in Bowral.

“I am delighted that CBA has been able to secure Shane’s cherished Baggy Green cap," Comyn said in a statement.

Thankyou so much to everyone that placed a bid & a huge Thankyou / congrats to the successful bidder - you have blown me away with your generosity and this was way beyond my expectations ! The money will go direct to the Red Cross bushfire appeal. Thankyou, Thankyou, Thankyou ❤️ pic.twitter.com/vyVcA7NfGs January 9, 2020

"This has not only raised another $1 million for bushfire relief, it will also enable us to raise further funds for the bushfire appeal as the cap commences a fundraising tour across the country before retiring as a permanent exhibit at the Bradman Museum in Bowral to be enjoyed by all Australians and cricket fans.

“I want to thank and commend Shane for giving up one of his most cherished possessions for such an important cause.

"He has demonstrated the same Aussie spirit we are seeing across the country with acts of generosity and dedication throughout this disaster as communities rally to support each other."

CommBank has a long history of supporting cricket, with the purchase of Warne's Baggy Green and donation to the Bradman Museum the latest act.

Warne, Waugh and Gilchrist in their Baggy Greens // Getty

CommBank have been partners with Cricket Australia for more than 30 years, and supporters of the women's team for the past 21.

In recent times they have extended their support to Indigenous, multicultural, disabled and LGBTI community cricket initiatives through CA's 'A Sport For All' program.

With CommBank's support, Australia’s Blind, Deaf and Intellectual Disability teams are now fully funded, and the bank is the principal partner of CA's 'Growing Cricket for Girls Fund'.

Warne, Australia's most prolific Test wicket-taker and arguably the greatest spin bowler of all time, saw his cap more than double the record price for a Baggy Green.

The previous record was for one of Sir Donald Bradman's caps that fetched $425,000 when auctioned off for charity in 2003.

The fierce auction between two bidders listed on the auction house website as "MC" from Sydney and "WC" of Gordon, a suburb of Sydne had attracted widespread interest.

The auction became a two-horse race as the price passed $700,000, and the bids jumped from $700,000 to $860,000 in 30 minutes on Thursday night.

As the auction close drew nearer, the bidding quickly rose $990,500 where it stalled until a flurry of bids in the final 60 seconds of the auction pushed the price to $1,007,500 with the bank lodging the winning bid in the final seconds.

Warne had announced he was putting the cap up for auction last Monday at the SCG during the third Domain Test between Australia and New Zealand.

"The impact these devastating fires are having on so many people is unthinkable and has touched us all," Warne said.

"I hope my Baggy Green can raise some significant funds to help all those people who are in desperate need."

Australia fast bowling legend Jeff Thomson is also selling his Baggy Green cap and a knitted vest he wore while playing in the 1970s and 1980s to support bushfire victims. Bids for that set had reached $30,000 with 10 days still to run on the action.

BID FOR THOMMO'S BAGGY GREEN HERE

The 50-year-old joins an army of cricketers raising money to a cause close to the hearts of millions of Australians during an unprecedented summer of bushfire tragedy, with KFC BBL players donating sums of money for sixes hit and wickets taken, and Australia's Test bowlers also following suit.

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While the legend of Bradman remains incomparable, Warne could be considered a close second in terms of Australia's most celebrated cricketers.

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It is unknown how many Baggy Green caps Warne received through his career, though he once gifted one to former media mogul and close friend, the late Kerry Packer.

The mystique around the Baggy Green cap has grown in recent eras, starting under the captaincy of Mark Taylor and famously increasing during the tenure of Steve Waugh, who was passionate about the headwear's legacy and helped make it perhaps the most treasured article of clothing in Australian sport.

Warne preferred to wear a white floppy hat in the field during his career but under Waugh's leadership, all Australian players would wear their Baggy Green caps in the opening session of a Test.