Welcome to the game
finances are tricky, possibly the most important and difficult thing when you're starting out.
In short, I think if you go into the red you will be sacked. There may be a grace period for you to turn it round, I'm not sure how long.
What was your loss last season? How much did you spend on transfers? Your two big levers are ticket sales and wages - maximise one and minimise the other.
It looks like you made some significant player purchases and increased your stadium capacity - while these are important in the long run you might have been better waiting to make sure your finances were stable. You might want to look at selling one or two of your better young players to give yourself some working capital while you stabilise. Malgieri might be a good shout. Players aren't just footballers, they're also assets and unfortunately lower ranked clubs do often have to sell their better young players to move forward. Once you get your youth academy rolling you will have a source of players who will either fill your squad or can be sold.
Also think about having a squad appropriate for your level. You don't need more than a handful of 70-rated players to walk the lower leagues, and the more higher rated players you have, the higher your wage bill will be.
The first couple of seasons at a club can be tough but you can do it
