Team Project Project management for archive.

Is there a way to project manage a teams project for archiving? The Project manager option is greyed out and I don't want to convert the project to a local project because I'm not sure if I can make that a teams project again.

What I'm trying to do is keep the project as a teams project and project manage all assets for achieving if that is achievable.

If the only option is to convert the project then I'll go ahead and do that.