One of my report developers retired when we were on 11.1.1 and when his profile was removed, his "team" assets such as reports, data modules, schedules all stayed the same, but the name associated with them (owner, etc) changed to something like "unknown", I can't quite remember. When I later altered one of his schedules, I think it made me the owner. This was years ago so I can't make any promises, but we definitely didn't lose his reports in our Team Content.
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