Monaco-based millionaire Owen Glenn has bought a half share in the Warriors NRL team two days out from their first game of the 2012 season.

He and Warriors co-owner Eric Watson are entering into a joint venture to own 100 per cent of the Auckland-based club.

Few details of the deal were outlined at a media conference in Auckland on Friday but it is understood Glenn has bought out minority owner Mark Hotchin’s 24.5 per cent stake and some of Watson’s shareholding to lift him to 50 per cent. Watson would own the other half of the club.

Under the partnership, the pair will not only own the Warriors, but also commit to invest a multi-million dollar sum in rugby league.

“Rugby league is an exciting opportunity for kids in New Zealand and we want to offer more of them the chance to play it,” said Watson, who flew in from London for the announcement.

Watson says the club had a strong development philosophy and Glenn’s involvement would help continue that.

“Owen and I have plans to invest millions into growing rugby league,” he said.

Glenn, who was spotted at the Warriors last year prompting rumours at the time about a possible takeover, says he is determined to see rugby league prosper.

“I see the NRL as the best sporting product there is in this part of the world and I’m thrilled to now be part of it,” he said.

Glenn, ranked New Zealand’s ninth richest person, with a personal fortune of $NZ900 million ($A704 million) through his shipping interests, gave Hockey New Zealand $NZ1 million ($A780,000) to develop the sport.

He previously gave $NZ7.5 million ($A5.9 million) for a new building at Auckland University which bears his name.

Watson bought a 75 per cent stake in the club with Hotchin in 2000, before they took total control in 2006 after buying out minor partners.

The Warriors, beaten grand finalists last year, kick off their season at Eden Park on Sunday against defending champions Manly.