Although this was probably on a bigger scale, this situation sounds like what happened with at least 3 different CCM stations in my area, WMSO 640 in Memphis (1986 to Bott), WAJJ 89.3 in McKenzie, TN (2005 to a KJV Only anti-CCM church), and WNAZ 89.1 in Nashville (2011 to Bott). In all 3 cases the owners sold out because of financial problems to buyers they knew had no intention of keeping a CCM format.
In the case of WNAZ word got out that Trevecca Nazarene University was considering selling the station and listeners tried to start an effort to save it. But the college's board was determined to unload the station with no regard for saving the format, and it was very likely the deal had already been done with Bott before anyone knew.
Over time I realized that most if not all of the blame goes on the previous owners who probably sold out to the first buyer, made little or no effort to find a buyer that would keep a CCM format, and weren't honest with the listeners. It doesn't do any good to protest to the new owners who either know little or nothing about how to operate a CCM station, or are outright opposed to it. Also, most of these sales are done behind the backs of the listeners and by the time the word gets out that the station is being sold the deal is done and it's too late to stop it.