However, if the negotiations for the game's IP go through wouldn't that mean the company would no longer have any control of the assets and allow private servers to be set up?
It depends on who buys the IP and what their stance on the issue is.
Yeah, that makes sense and I'm sure the community would be happy to pay $15/month to keep things running (We all did it for years anyway). As to whether or not NCSoft will release the IP, I'd certainly hope so. To date they haven't shown any signs of reinstating the game or using the property as a basis for a sequel or similar franchise. I understand keeping it in the back pocket just in case but considering how much effort is being put into successor projects you'd think they could do us all a solid and just give it up already.
Im of the belief they are gonna do another NCSoft/Cryptic ordeal, seeing as that company who would act as a third-party license holder(or the one they'll have run the game) is most likely gonna be abit new.
I wasn't around when the game changed hands back in the day but I've heard the horror stories of life under Cryptic's devs. Hopefully whoever picks up the license will be understanding of the fact that the game was great just the way it was in 2012. Pick up where Paragon Studios left off, sure, but don't come in with some sweeping changes to the fundamentals and ruin everything.