[__d]

Is there a path for the community to develop an ownership position in the managing entity, in addition to having access to the source code?

[TuringTest]

There are projects which have managed to do so, like KDE's QT, which was closed source but negotiated an escrow license with the community to release the code as BSD if the owner company ever stopped development.

https://kde.org/community/whatiskde/kdefreeqt_announcement/