The event, attended by the New Zealand Olympic Committee (NZOC) Board, New Zealand's International Olympic Committee (IOC) members and members of the New Zealand Team's Tokyo Leadership Group, marked an increase in resources for the organisation to deliver Olympic education and help develop "young leaders through sport".

The fund was first announced in December last year after Sir Owen, a New Zealand businessman and philanthropist, donated NZD$2 million NZD$3 million (£1.5 million/$2 million/€1.8 million) to the NZOC.

The money will be used to support a series of "youth focused leadership initiatives" and the NZOC Olympic Ambassadors programme.

This will see past and present Olympians share their stories with school children around the country.

NZOC chief executive Kereyn Smith said the legacy donation will support the work athletes does with young New Zealanders.

"We're delighted to celebrate the formal creation of the Sir Owen Glenn Olympic Legacy," she said.

"Our Olympic and Commonwealth Games teams will benefit, as will our programmes that support the creation of young leaders."

Sir Owen said he established the fund as he is passionate about getting children involved in sport.

"These Olympians inspire children to take up sport at a young age which is fantastic," he said.

"Sport helps kids develop values and skills which benefit them in their day to day lives so I'm delighted to continue my support for the New Zealand Olympic Committee."

The money will also be used to benefit the New Zealand Olympic Women's Leadership Academy, which lends support to women and girls' leadership development through Olympic and Commonwealth Games sport.