Rumors of the New York Cosmos demise are greatly exaggerated, this as the NASL is currently in meetings that will determine the direction of the league moving forward. A club source tells Metro that the club is planning on moving forward in some way, shape and form into 2017 and beyond.

A tweet on Tuesday morning out of the league’s annual meetings by a south Florida reporter claimed that “Breaking: Cosmos have notified the league they will cease operations.” But according to the highly-placed team source, the eight-time NASL champions are not going to be folding up shop.

“The Cosmos aren’t going away, they aren’t folding. It is about the next step,” a club source tells Metro. “No decision has been made, the organization will be here in some form moving forward.”

Whether that future is with the NASL remains to be seen as the league’s future remains somewhat murky given recent defections and some unstable ownership. The league, considered the second division in the United States’ soccer pyramid, has promised a way forward from their recent tough times. Where the Cosmos, easily the biggest name in the NASL and the league’s most dominant side over the past four seasons, fit in moving forward is up to club’s ownership.

While the Cosmos have been quiet in recent weeks, they’ve been diligently working on securing the future of one of this country’s most-storied soccer franchises. They’ve consistently pieced together a team that can compete with MLS sides as evidenced by their strong record in the US Open Cup since 2014.