well you are paying £1.7m per month in bank loan repayments! thats a s**t load of cash!
1) sell are you fringe players over 48 months periods (so the money coming in plus the money you make from ticket sales and other merchandising etc etc will try get them as close as possible or even make a little profit)
2) win everything you can!
3) dont sign players with big wages! offer them a bigger signing on fee rather
4) get rid of useless staff (scouts)
5) release unecassary players (do not allow assistant manager to offer contracts as they will automatically give the player/agent what they want, which is usually extremely high, do it yourself) 21st December each year sort your squad by contracts expiring and see you want to keep and who you dont mind letting go (DO NOT be sympathetic to some 34yr old player on 75k a week... Raul for eg: offer him a 1 year extension at 30k for eg and make it non negotiable)
6) put the remaining £3.72m into your wage budget by adjusting the slider...
hope that helps a tad?