I take that wording to mean there is no individual control. I believe that a during a held ball as defined in article 1, both players have control. This is called joint control. Since player control is defined as holding or dribbling a live ball inbounds, if both players are holding the ball then both have control. That is why it is called a held ball!
But if one player is holding the ball and an opponent simply puts a hand on the ball, only the first player has control.
This joint control concept is not just something that I made up either. It is in the casebook. Play 4.43.2 B talks about A1 and A2 having joint control.
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