The development comes as star players Jayden Campbell and David Fifita return from injury to take their places in the side to host Brisbane on Sunday night.
Kelly has been a key figure in the financial revival of the Titans after the NRL took control of the then cash-stricken franchise in 2015 after a cocaine scandal.
Former truck driver Kelly and the husband and wife duo of Rebecca and Brett Frizelle, now full owners, poured millions into the club and assumed ownership in 2017.
Kelly, a successful property developer, said in a statement on Tuesday it had been "a privilege to be involved in helping keep an NRL team here in the unique position of operating both sides of the New South Wales-Queensland border."
Titans co-owner Rebecca Frizelle said "as we move forward as sole owners, we remain committed to addressing our on-field challenges while building on our strong community foundations."
The on-field challenges the Frizelles face are immense and are highlighted by the fact in the past seven seasons the Titans have played just one final, in 2021 which they lost, while claiming the wooden spoon in 2019 and finishing 14th on three occasions. They are currently last.
Boom back-rower Fifita has not played for the Titans since round eight due to an ankle complaint and poor form which earlier led to him being dropped to play for Ipswich in the Queensland Cup.
His return is a huge boost against the in-form Broncos, his former club.
One of the club's bright hopes is the 25-year-old Campbell, who returns at halfback from a concussion suffered against Parramatta in round 17.
"I am feeling alright now. I had a few headaches after the game but having those two weeks off, with the bye, I am feeling a whole lot better," Campbell said.
"Hopefully we put in a good performance this week and try and get the back end of the season on a roll with a few wins."
The livewire playmaker, qualified for Queensland in State of Origin, was one of several Titans to take part in an opposed session against the Maroons last week.
"I really enjoyed it and it has given me something to chase now," Campbell said.
"It was one of their big opposed sessions and a really cool experience. I listened to things that can make me a better player.
"I'm still learning and trying to get my game right. Hopefully, the time comes one day when I get to play Origin."
Campbell started his career as a fullback but has made the transition to the halves at the Titans. He is off-contract at the end of next year but in no hurry to sign a new deal.
"For me at the moment, the way the season is going, I haven't really thought about (contracts). I am just trying to get results for the club and the fans," he said.
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