4.3. Do I “own” the Virtual Goods I unlock? (No. What you “unlock” is not the virtual good itself, but rather, a qualified right to access it in the Game.)
You have no ownership or other property interest in any of the Virtual Goods you unlock, regardless of whether you acquired access to those Virtual Goods using Riot Points, Blue Essence or Hextech Crafting. Virtual Goods have no monetary value. You can’t redeem them for cash. You can’t obtain any refunds for purchasing Riot Points or Virtual Goods, except as expressly permitted by us. You can find our current content refund policy here.
We have the right to delete, alter, move, remove, or transfer any and all Game Content—including Virtual Goods—in whole or in part, at any time and for any reason or no reason, with or without notice to you, and with no liability of any kind to you. We don’t provide or guarantee, and expressly disclaim, any value, cash or otherwise, attributed to any data residing on servers we operate or control, including any Game Content attributed to your account. The sale or transfer of your right to access certain Virtual Goods, Blue Essence, Riot Points or Hextech Items may only be conducted via services approved of or provided by us, if any.
looks like they do :^)