Is it possible to move sparsebundle?

I'm new to Macs and i just bought a TC. I set up the TC using the wizzard and named my TC XYZ. I just realized that you can also create separate user folders so that different family members can have their own seperate password protected folders. Unfortunately, I already did my backup onto the XYZ folder. Now my sparsebundle sits in that. my question is if I can just drag and drop that into my personal folder and point the TM settings to that new folder or do I have to delete it and create a new backup? By having my sparsebundle in the main XYZ folder everyone on the network will be able to see my files right?