Yes. Or more specifically, team admin can delete a team. Happo will consider your deleted team as “paused,” which means that team members will remain in the team constellation, but will be open for other team invites.
When a team is deleted, the Business features will no longer be available and all members will run on Happo Basic instead. A team admin can resubscribe at any time by going to Upgrade to Business to start the subscription again. The previous team name and team members will show, except for members who have switched teams during the period of cancellation.