The Sir Owen Glenn Olympic Legacy fund was announced at the 2018 Olympic Gala Dinner in Auckland. 

Sir Owen has also recently donated NZD$2million (£1million/$1.4million/€1.2million) to Hockey New Zealand, and, in 2014, set up the New Zealand Olympic Committee Yvette Williams Olympic Scholarship fund providing financial support to athletes preparing for the Olympic Games. 

This year it was received by 2018 Commonwealth Games gold medal winning weightlifter David Liti.

Sir Owen is an an expatriate New Zealand businessman originally from India who supports humanitarian causes worldwide through his family charity.

He was the founder and former executive chairman of Vanguard Logistics Services, the United States' largest neutral non-vessel operating common carrier 

"Sir Owen is one of New Zealand’s most generous benefactors and supporters of sport," NZOC chief executive Kereyn Smith said.

Smith added: "His significant donation will help us select, lead and organise our Olympic and Commonwealth Games Teams and promote and celebrate our legacy and athletes. 

"In particular, the fund will support the work we do with young New Zealanders through our Olympic Ambassador education and programmes.

"It will help us strengthen the work we do promoting opportunities for women and girls.

"With Sir Owen’s support we can do even more to create future leaders."

Sir Owen was present at the Gala when his Olympic Legacy fund was announced.

"I am delighted to continue my support for the New Zealand Olympic Committee," he said. 

"It is essential that they have the funding to run the Olympic Ambassador programme which inspires young New Zealanders to pursue their dreams. 

"Equally we need to ensure New Zealand athletes have the best opportunity to medal at the Tokyo [2020] Games."