The members who buy into DVC own the resorts. I have a title and it is registered with the Orange County Recorder. Unfortunately, as part of the terms of the purchase contract, owners have no say in the management of the resorts.
The land under the resort is owned by Disney...hence all the DVC contracts have an expiration date.
Update: I think Carol's response is more accurate.
The resorts are owned by DVD (Disney Vacation Development) who retains 4% ownership of the resorts. They sell the rest off to the members who have x% of the resort through a specified year.