It has been alleged that the Shane Warne Foundation tried to stop from being made public that for every dollar raised by the organisation just 16¢ of it went to their charities – the rest was spent on staging glitzy celebrity events.

The Age reports that the foundation has also been paying rent to Warne's parents and $210,000 has gone on employing Warne's brother Jason in an executive position within the foundation. The showy celebrity events involved cricket matches, poker tournaments, and gala dinners.

It was reported that the high-profile foundation never voluntarily published its financial reports. To make matters worse it's alleged by The Age that the foundation tried to have its records kept private and blocked from public release by the national charities regulator.

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The Shane Warne Foundation's event at Lords in London included a panel (from left to right) Ian Healy, Glenn McGrath, Ian Botham, and Shane Warne with Piers Morgan hosting

Guy Sebastian (centre) performed at the charity's Falling Leaves Gala Dinner earlier this year. He's pictured with Shane Warne (left) and comedian and radio personality Andy Lee

The foundation had applied to the Australian Charities and Not-for-profits Commission (ACNC) to have their records kept confidential.

But in the wake of the negative publicity following the allegations of where the money raised was going to, the foundation suddenly dropped this effort to keep their records from going public.

'The Shane Warne Foundation asked that their withholding application be withdrawn in the interests of transparency,' a ACNC spokesman said.

The foundation's fundraising event at Lords in London also included entertainment from an Elvis Presley impersonator

This week Warne (left) was working as a television commentator at the third cricket Test match between Australia and New Zealand at the Adelaide Oval

The Age earlier this month reported that the consumer watchdog Consumer Affairs Victoria was investigating the foundation about its financial and reporting practices.

'Consumer Affairs Victoria is concerned about a number of inconsistencies in The Shane Warne Foundation's reporting and accounting practices and is looking into this matter,' a spokeswoman said.

'The Shane Warne Foundation has advised it has had a number of staffing changes and has sought a meeting with Consumer Affairs Victoria to seek further information concerning their fundraising and record keeping obligations.'

Warne's foundation is under investigation from the consumer watchdog Consumer Affairs Victoria

In September, the charity ran a Footy Finals Luncheon as a fundraising event at the Melbourne Cricket Grounds in Richmond, central Melbourne.

Media personality and former AFL star Luke Darcy emceed the event, while comedian Mick Molloy hosted a panel with Sam Newman, Campbell Brown, Nick Riewoldt, Dermott Brereton, Garry Lyon, Billy Brownless and Aaron Hamill.

Tickets for their 'biggest yet' event cost $200 and included lunch and beverages. They also held an event at Lords Home of English Cricket in north-west London, which included entertainment from an Elvis Presley impersonator.

The Shane Warne Foundation also ran a fundraising event with Guy Sebastian performing at their Falling Leaves Gala Dinner.