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Under the current league set-up, the move would leave the ISL with just four operating teams.
BBC: Sport Online's Stuart Hughes
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He has argued that Cardiff's current home - the 2, 700 seat Wales National Ice Rink - is too small to sustain an ISL side.
BBC: Cardiff set for league comedown
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But since Bob Phillips has a five-year lease on the Wales National Ice Rink, anyone prepared to finance an ISL side would have nowhere to play.
BBC: Cardiff set for league comedown
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"The acceptance of bribe money by Havelange, Teixeira and Leoz was not punishable under Swiss criminal law at that time, " explained Eckert in his report into the FIFA-ISL case.
CNN: FIFA 'bribe' officials escape punishment
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"At the end of the day if we hadn't accepted it and nobody came in for the ISL franchise then there might not have been senior ice hockey in Cardiff, " he said.
BBC: Cardiff set for league comedown
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In the report, FIFA ethics court judge Hans-Joachim Eckert wrote that the bribes amounted to millions of dollars' worth of "commission payments" from ISL Group, an agency that marketed media rights for Switzerland-based FIFA before going bankrupt in 2001.
WSJ: Report Concludes Havelange Took Bribes