[Law] Posession After Stoppage in Play

[crossref]

If you kick the ball you are controlling it because you are determining where it goes (agreed, that might not be quite where you meant it to go, but that is irrelevant). You do not have possession, which implies holding the ball or trying to do so.
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Well, then it seems we are agreed on the important thing for this scenario: red fly-kicking the ball is not possession.

So in the OP scenario the team last in possession would be blue