So you can or can’t lose your elite status? It sounds like you can’t?
100% can if the board votes an organization out. It would be a huge argument among them and very difficult to remove a founding team (Bandits) but they have been warned. The new owner, November 2019, has been working to clean things up but the pandemic really hammered them hard financially. The product my be sub par but the ownership is hockey driven in a world of money hungry owners.