A workspace has one owner. The owner runs billing and is the only one who can delete the workspace. You can hand ownership to another member at any time.
Steps
Go to Settings › Team.
Under Ownership, choose Transfer ownership…
Under Who becomes the owner?, pick the New owner and choose Continue.
Enter the code from your authenticator app when asked.
They become the owner and you become an admin, straight away.
Only the owner can transfer ownership. The new owner can hand it back the same way.
Related guides
Manage a member