Glenn's trust move will end ownership stoush

Sir Owen Glenn says his move will enhance opportunities for kids. Photo / Getty

Main battleground with Warriors co-owner Eric Watson still to be resolved

A move by Sir Owen Glenn to gift his half share of the Warriors to a charitable trust will end one of his legal disputes with co-owner Eric Watson but leave the main battleground between the pair still to be resolved.

Rather than continue legal action to recover the $6 million he invested buying a half-share in the Warriors, the multi-millionaire is opting to transfer his shareholding to a charitable trust he hopes will benefit the rugby league community and the "grass roots" of the game.

Sir Owen has been in a bitter battle with Eric Watson over his stake in the club for over a year. His move is likely to end that aspect of their dispute.

A fight over tens of millions of dollars of property in England and more than $200 million in a Jersey bank account is being fought in overseas courts. A ruling from the British Virgin Islands quashed Mr Watson's bid to shut down Sir Owen's attempt to liquidate the pair's partnership.

Sir Owen, who is 74, also said in December he planned to sue Mr Watson for $50 million in the British courts.

He told the Herald yesterday that dispute was ongoing but that early court decisions had gone his way. "The score is 3-0".

"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 yesterday.

Mr Watson expressed his support for the idea. "I'm delighted - this proposal looks to be a positive development ... " he said.

Sir Owen said the shares are likely to be held in a trust on behalf of club members, the league community and other stakeholders. Details, such as how any dividends are distributed, were yet to be worked out.

"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".

Sir Owen told the Herald he wouldn't have a role in the operation of the trust. Trustees would be "pillars of the community".

He had mulled the idea over for some time and wanted to announce his intention while in New Zealand for the Karaka horse sales and the Nines league tournament. He expected the trust to be operating before the end of the year.

"I've been thinking about it for over a year. In fact I mentioned it to Mr Watson a year ago because when we were not seeing eye to eye I thought why don't I donate my share to the members? He didn't seem very keen on that for his share."

Sir Owen hoped that giving his shares to league fans would motivate more people to become Warriors Club members.

"I'm still going to watch," he said. "Still going to be a fan. I'll probably become a member."