Don't buy any players, sell players you don't need.
If you can't do that, buy a ton of players, and tack on to their transfer fees a ton of money at the back end of the contract (after 20 apps). Then, you'll go completely bankrupt and a new board will take over.
Sell a lot of players, if you cant sell than try to loan them out so they pay for the wages and add on a fee they have to pay you to loan those players. Loan in players but dont offer to cover there whole wage.
The players you cant get rid of fine them for two weeks for no reason so that saves you paying there wages ( if this player is liked with teammates it will upset the team so be careful with this one ).
Actually, just try to win the CL and/or the league(with Valencia that shouldn't be that difficult) and that together with the TV-revenue will get you a profit of about 50m in one month, which will help alot.
Wait until the end of the season, you get a lot of tv money. It is impossible to go bankrupt if you are playing in one of the better European leagues IMO. You always end up with a profit due to tv money.
you'll have to be an arsehole manager. this is what I do, if absolutely necessary.
1) sell all players that you don't need. Sell all your reserves and under 18 if needed. You can always rebuild later. Loan out reserves if no one wants to buy them. Fire that star player that you can live without.
2) Fire all scouts. They're useless. You need coaches and physios, not scouts.
3) Fire incompetent assitant managers or old coaches with crap stats. (usually the case). Then sign good young managers and coaches with small wage demands.
4) Capitalize on young talent. Sign good young players (south american players) on free transfers when their contracts are expiring. Since they are young (17 -21) thir wage demands will be small. After one season, or perhaps half.
You'll then have a bunch of good players on small wages. Keep those that you need and sell those that you don't. Walah. you've made a lot of money by selling young talent that you've signed without a transfer fee. You make profit.
He might be in a league where he can't just sign a bunch of young South American players. I know in England, it's tough to get work permits for them, and I'm playing in Germany and the maximum of 5 non-EU players in the entire club is killing me. Also, don't fire all your scouts, keep a few because without scouts you won't be able to see the stats of a lot of players.
I've kept all my good players. Lahm is the highest paid player with 120K. And in Spain, you can only have a maximum of 3 Non-EU players, and I already filled them up with Nik Besagno, Atila, and Fernando Caveneghi.