Bro, yes it was possible and it is still possible too but if anyone delete his team after this race his points will be deleted that he has scored in this race.
@beglar and Raptor
Welcome aboard guys, its nice to see you two back and posting. beglar, after the completion of this race you could change your team but remember only one change is allowed as UK has said that one change either team or driver.
I have a sneaky feeling that Cavallino Rampante is your team but still needs to confirm it.