The KTRU sale is a done deal.
Rice University owns the station, not the students. The inmates aren't running the asylum here.
Last I checked you cannot force someone to continue owning something they want to sell.
The only thing that trips up station transfers is if the proposed new owner is somehow found deficient, either legally, ethically, financially, or doesn't meet any of the usual guidelines for station ownership. The University of Houston has owned KUHF for 60 years, so there is no question of their qualifications for running a radio station.
And look at the scenarios here: With the 91.7 sale to U of H, Houston gains (1) a fulltime public news/information/current affairs/spoken word outlet, which the city has never had; and (2) a fulltime Classical/Fine Arts station, which the city currently lacks. The alternative is the current situation, where much Public Radio programming doesn't see the light of day, and a parttime Classical station. Not to mention the current KTRU situation of a station that plays obscure/fringe music.
Looked at the ratings? KUHF does quite well. KTRU doesn't even show up. The current 91.7 audience is a microscopic group that somehow feels it is "entitled" to a radio station. I think it is safe to say that the vast majority of Rice students couldn't care less about KTRU. My sons, when they were high school and college aged, dismissed KTRU as "bizzare" and "crap."
And one more thing: While the protesters have their lawyers, so do Rice and U of H. And the colleges' lawyers are probably much smarter and much better paid than whoever the protesters have hired.