I'd like to be a bit more concrete about exactly what would happen if I were the "owner" of the repo, because there is a bit of a distinction between "repo owner", "project lead", and "team member". While I'm writing these in the first-person, I'd also recommend that whoever the owner is should take steps similar to these.
(0) I'd try to get access to Sarn's "X5 Project" C++ port source code (with all due credit going to Sarn). My understanding is that they don't currently have the bandwidth to work on this, but the new team might, and I really don't want their work to be forgotten.
(1) I'd reach out to possible team members -- from this thread there's clearly no shortage of talent! I see that these people have volunteered in the thread: MegaDood, MrDoubleA, and Supermario1313. I'd certainly invite all of you to join the team.
(2) We'd select a platform to host the code (GitHub, GitLab, Forgejo, etc) and set up an organization on whatever platform we're using. X2 would be "owned" by a cooperative entity and not by my personal account.
(3) In consultation with the new team, we'd decide what to do with the assets (non-code files) currently in X2's repository. I think there are a number of significant advantages to separating the code and the assets and I'd talk with the new team about our options here. Regardless, there would still be a way for users to download a development snapshot of the engine (see below!).
(4) I'd set up a continuous integration [CI] build for the engine that takes the current source code of X2 and all of its dependencies and turns it into an extractable (or installable) package. The latest package would always be available to users. For a sense of what this looks like, you can take a look at
https://github.com/TheXTech/TheXTech/actions (the CI) and
https://builds.wohlsoft.ru/ (the builds). (Note that it's totally possible to do this without depending on GitHub.) At this point there would be no 'mysterious knowledge' needed to make a release.
(5) We'd open up a thread inviting public comment about the project vision and future direction of the engine. There's been a little discussion in this thread but it would be nice to have more. Like this thread, the new thread would not be *voting* exactly but instead the new team would reach a consensus based on public opinion.
(6) I'd sit back and take a limited role as a team member. I'd review code when requested and contribute C++/OpenGL/PGE-FL bugfixes. If the new team wanted me in a leadership position (this is totally separate from whether I become the repo owner initially) I'd also maintain goals and rough timelines for each release based on the project vision.
MegaDood, MrDoubleA, and Supermario1313: you all have my full confidence as prospective repo owners and I would trust your judgement if it ended up differing from what I've suggested here. If I had to pick one of you as repo owner (though you are all excellent options), it would be MDA on the basis of your superb Battle Arena, which is both the most technically impressive and the most polished X2 project I've seen. The discipline and attention to detail that such a project requires bodes well for you as a project lead.