This appears to be true. I'm presuming it means no World Cup which is gonna leave everybody scrambling and probably means a 5 team 4 prelim match round one which doesn't thrill me but is what it is. I guess Vic Mackey and the Strike Team hit Mike's money train. (Pop Culture reference you may not get but trust me, it's funny.)
Update: It's official. Hinman has released a public statement light on detail while being politically correct (in paintball terms). Ostensibly the issue was competing in two leagues became too heavy a commitment for a team of primarily young players with other real world commitments. And that may be completely true. Almost all of my guys have school and/or work issues too as, I'm sure, do members of nearly every team out there. Even so don't discount the cost of competing in this equation. I know I sound like Chicken Little here on the subject of failing pro teams but that only makes me annoying, not wrong.