In no way, shape or form does a moderator "own" a subreddit. They are merely harvesting the land on Reddit's server farm. At the first sign of disagreeable dissent The Reddit Overlords, with a few clicks of the keyboard, can and will remove the protesters from their property. Any appeals will go to /Dev/Null.
I'm genuinely surprised that moderators are putting what little power on the site they have at risk. We all know that most moderators like a good power flex and some genuinely thrive off it yet I don't think they have thought this through. While they think it may be a noble and just cause Reddit won't tolerate a dip in ad revenue and will happily nuke their accounts and hand the subreddit off to someone else who will toe the line in exchange for free janitorial and field plowing duties.