Monday stated that the Cosmos would be shut down. This comes on the heels of an Empire of Soccer report that the Cosmos had furloughed much of its front office staff.

However, a club source denied that the Cosmos had ceased operations.

"We're in league meetings over the next couple of days," said the source. "Based on the outcome of those meetings, then we'll make a decision on the club's future."

Another club employee added, "We're working, but there's no point in selling tickets when there's no games scheduled. There's a lot that's up in the air."

The Cosmos have been a success on the field, winning three league titles since joining the NASL in 2013. Attendance has been another story. This season, the club averaged just 3,775 at Shuart Stadium atHofstra University in Hempstead, New York, which saw them ranked eighth out of 12 teams and below the league average of 4,734.

It would appear that the NASL has a stark choice in front of it. It could shut down and see some of its teams be absorbed by the USL -- which is angling for Division II status -- or it could attempt to carry on.

According to one former NASL team executive, the Cosmos, and chairman Seamus O'Brien, have no interest in moving to the USL, and see themselves as a Division I franchise. They had hoped to accomplish that through the growth of the NASL.

The Cosmos could have joined MLS in 2012, but rather than spend $100 million or so on an expansion fee to join the