Sir Owen Glenn wants to transfer his half share of the Warriors to a charitable trust for the benefit of the rugby league community and rugby league at a "grass roots" level.
Rather than continue his current legal action to recover the $6million he invested buying a half-share in the Warriors, the multi-millionaire is opting to transfer his shareholding to a newly formed charitable trust.
"As a result of my involvement with the club, I am now convinced this iconic New Zealand brand should belong to the New Zealand public and Vodafone Warriors club members" Sir Owen said in a press release today.
He has asked his representative, Bill Birnie, to work alongside Jim Doyle, chief executive of the Warriors, to bring this to fruition.
The shares are likely to be held in a trust on behalf of club members, the league community and other stakeholders.
Sir Owen noted that the low level of membership at the Warriors when compared to supporters at the game and on television has always been an area for improvement and he hopes that through this initiative supporters will be motivated to become members of the club.
