This feature is available in all editions.
This article provides instructions on how to remove a sprint from the system.
To delete a sprint, your Admin Privileges role must be set to Project Lead or higher and your Project role must be set to Team Member or higher. Refer to Why can't I edit Sprint/Iteration Details? for instructions.
Before you can delete a sprint, all items must be deleted or moved to another sprint.
In the main menu, select Iteration Planning > Iteration Scheduling.
Select a project in the Project Navigator.
Locate the sprint you want to delete.
Select Delete from the action menu.
If the Delete button is not active, it means that the sprint is not empty. The quickest way to empty a sprint move all the work items to another sprint. See Moving Items to a New Sprint.