Check your finance screen, and see where you're losing a lot of money. Then try to cut it.
Probably the easiest way to cut it is to let some of your highest-paid players leave, either sold to other teams, or on frees at the end of their contract. You can probably get cheaper players with equal skill on free transfers.
To stop losing 350k a year, that works out at about 7k a week, so you're probably losing money from other areas as well - possibly board expansions of training facilities would account for some of that.
To try and fill that gap, probably arrange a lot of home friendlies against big teams in the off-season. Try as many as you can - if you get rejected, try others. Some will accept. Hopefully some of that money would subsidise your losses.
Hope that helps! Try to cut unnecessary costs where possible.
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