Sir Owen Glenn is proposing to transfer his half-share in NRL club the Warriors to a charitable trust for the development of rugby league at grass-roots level.
Glenn has been in dispute with co-owner and fellow multi-millionaire Eric Watson and had taken legal action to recover the $6 million he invested to secure his stake in the club.
But rather than continue the legal action, he says he is opting to transfer his shareholding to a newly-formed charitable trust.
"It was always my intention to enhance opportunities for kids, who may not have otherwise been able to participate in league for their own growth and development and hopefully the growth of the game," he said in a statement issued on Friday.
"As a result of my involvement with the club, I am now convinced this iconic New Zealand brand should belong to the NZ public and Vodafone Warriors club members."
Glenn said he had asked his representative, Bill Birnie, to work with Warriors chief executive Jim Doyle on the proposal.
Under the plan, the trust would be administered by trustees acting on behalf of club members, the league community and other stakeholders.
The trustees would be prominent in the business and sporting sectors.
Glenn said he hoped members would see they had a voice in the direction of the club through this initiative.
"As a long-time supporter of the Warriors I have huge affection and respect for the club's wonderful fan base and I am backing them to bring about an end to the recent disharmony and put the team back on the path to further successes," he said.
Watson gave a favourable response to Glenn's statement.
"I'm delighted," he said.
"This proposal looks to be a positive development and I'm looking forward to seeing further detail."
The falling-out between Glenn and Watson became public last April after the sacking of Matthew Elliott as coach, with Glenn saying he hadn't ratified the decision.
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