If the city had been ruled ineligible, then it would have been a temporary stop on the way into bankruptcy.
The bigger news for the soccer fans in all of us, announced today, are the pots for the World Cup draw, and wondering which 4-nation group the US will fall into. Simulate the effort here. Basically, if we get Brazil or Spain, we are in very poor shape, as there's likelihood that another strong contender could get into the group. Only 2 teams advance to the playoff round.
Read more on it here from Deadspin.