In a brief statement, the club has expressed outrage at Soccer Australia's (SA) decision to cut it from the 14-team competition.
The action was expected after the Cosmos was put on notice last Wednesday when its A$44,000 ($21,860/B23,770) affiliation fee cheque bounced.
Soccer Australia already has a structure for a 13-team competition in place. The SA board and its team of lawyers had a teleconference to discuss the Cosmos' plight last night but a decision on the club's future was deferred until today.
In April this year the Cosmos was not considered a going concern for the 2001/02 NSL but was reinstated to the league in July after a backflip by SA.
