I became manager for Newry just before the 2008-09 season and yea, it's really, really hard in N.Ireland.
The team had a balance of -450k or so and well over payed players. Interests kept coming every month and just the maintenance and the wages were hinting that nothing could be done to actually try to fix the money issue.
First season in there, I decided to focus a LOT on the under 18 team while trying to get some press release for my costy players so I could sell them by the end of the season. Now I have to admit that I got lucky and brought the team to promotion during that season, which allowed me to sell quite a bit of players.
For the season 2009-2010, I didn't invest in anything but a very versatile defender. I brought up the most promising youngsters and had coaches with special training for each of them.
So far (march 2010), it's been working quite nicely. Made it to Intermediate league cup final (lost on penalty) and am in the Irish cup semi final. Meanwhile in the first division, we are struggling at the 5th place, which isn't too bad.
Money wise, it's a lot better. First division is bringing in a lot more people in the stadium and we are only losing about 1k a month or so...
Overall, I focused on youngsters (not that I could do anything else though) and it's been working ok. I don't think I can bring enough money in for Newry though but a new commercial deal is due for 2010 so might get some more money in since we doing pretty good.
N.Ireland clubs are challenging, that's for sure