Deleting Time Machine Share/Reclaiming Space?

I created a Time Machine share and backed up my computer. However, something happened because it’s in a perpetual state of “waiting on backup completion” and I can’t get it going again.

So I was going to delete the share and recreated it and try again. My question is will be space be reclaimed when the share is deleted? Thanks.

It may take sometime, but yes by doing so will increase the available space.