Click on Assets in the left hand side dashboard.
Then click Clubs & Teams.
Click on the club that you wish to archive a team from.
Select the team that you wish to archive.
Hit the down arrow next to the team name and click on Archive Team.
You will then be asked to Confirm your selection.
The below video will show the user how to see which Clubs & Teams have been archived and how to restore if the need should ever arise.