To manage and delete teams, this action is done by a Global Administrator under: System Administration -> Manage Seasons -> Setup Season Members -> choose your season.
If your team that you wish to delete shows a "0" in both the Data and Sched columns, you will be able to hover over that team and use the recycle bin to delete.
If, however, there is a number other than "0" in the Data and Sched columns you will not have this option unless you rename your team. By renaming the team to "Sample Team" (upper/lower case, no quotes) the site will then allow you to hover over and use the recycle icon to delete.
Please be careful while deleting teams. If you delete the wrong team it will remove all scheduling and other information associated with this team and will be unrecoverable.
If your team shows a chain link it means that this team is connected to your league site within TheOneDB. You'll need to contact your league convenor in order to have them first remove the chain link before following the steps above.