The story
From run (“rural landholding for farming, usually for running sheep”) + holder. Run (noun) is derived from run (“(chiefly Australia, New Zealand) to allow (cattle, sheep, etc.) to graze and move freely on land; to raise (livestock)”, verb).
First known use, by meaning
- from 19th c. A person who leases or owns a run (“rural landholding for farming”), especially one for raising sheep.
Etymology from Wiktionary, CC BY-SA 4.0.