"So we knew that we needed to raise significant additional funds and we're very grateful that Sir Owen has generously donated a proportion of the costs towards that."
The deal will be paid monthly direct to each player in the new contracted squads (25 players from the men's and women's sides), which are yet to be announced.
Under-fire Black Sticks women coach Mark Hager will still be part of the selection process to pick the new squads, despite an ongoing review into the team culture following claims that Hager created a negative environment within the side.
Francis told Radio Sport he was confident with the selection process and that there will be no conflict of interest, despite Hager's involvement.
"Mark is our head coach and we've got a team of selectors in and around him, and there is actually a full selection process to undertake. So yes we are confident in the process."
Glenn, who has had a long association with hockey in New Zealand, said he hoped the funding would give the Black Sticks sides a better chance at winning medals at the 2020 Tokyo Olympics.
"The Black Sticks now have the same funding as other leading national hockey teams.
"My hope is that it will allow both the men's and women's teams to focus on training and preparing for the Tokyo Olympic Games in 2020. I really believe we have a chance at winning gold with the right support."