Without knowing too much about the specifics, usually when you enter into that kind of work, any and all product you create becomes the sole property of the client (Uni), and they reserve the right to use it and its likeness as much or as little as they wish, and in perpetuity.
From what I also understand, the individual who carved it also has been able to work out a deal with them to use the likeness themselves for some small stuff, so while certainly not a cut of the payout Uni will likely see this year, but a gesture of good faith and something they truly weren't legally obligated to offer.