The Global Mail, which promised fearless journalism free of ads, is likely to close next month because its wealthy founder is pulling the plug.

Management and staff were told of the decision last night.

The founder of Wotif.com and philanthropist Graeme Wood has withdrawn his funding for the website after he vowed to fund it for five years.

Media consultant and former broadcaster Stephen Feneley says the plug being pulled on The Global Mail is sad but that its editors struggled to understand the online medium.

Mr Wood says the site is free to seek other investors.

Mike Seccombe, a journalist at The Global Mail, says he hopes the site can continue despite the funding cut.

"Graeme has pulled his money, that's true. He's said his circumstances have changed," Seccombe said.

"I don't know exactly what that means and someone will have to talk to him about that, but at least for the next few weeks we're still a going concern and we have hopes.

"We would really like to keep the team together if we can."