Relinquish one's grasp on (something) to ( someone or something) verb phrase
To unwillingly give up control of something
I relinquished my grasp on the project to John who I don't trust.
She has relinquished her grasp on the company to her son.
To leave, stop, or give up (doing) something before the severe consequences come
To yield to someone or something.
To surrender.
The verb "relinquish" must be conjugated according to its tense.
Children or adults often say this phrase to get their friends to join in something, especially to jump into a swimming pool (pond, lake, etc.)
“Last one in is a rotten egg!” yelled Jane, jumping into the pool.