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Net debt at the year ending July 31 slumped to £21million and that was increased by a further £16million by Peter Reid on the signing of Phil Babb, Thomas Myhre, Stephen Wright, Matt Piper, Tore Andre Flo and Marcus Stewart before his dismissal in October.
"There are no funds available for players and we know January will be a testing time," said vice-chairman John Fickling.
"Transfer windows will continue to affect out business by preventing us from selling players other than in January and the close season.
"Selling players to raise funds and reduce costs is very important but we realise that the market also makes this very difficult.
"Buying players is not a question of willingness or ambition on the part of the club, it is a financial one. We are currently over £25million in debt and expect this figure to increase in the short term.
"There is no cash available and raising new funds through loans or other means is now much more difficult in the football sector as a result of the number of clubs in trouble.
"Premiership survival is our priority but as any business we have to consider the worst case scenario. We recognise the financial implications of relegation would be very serious and implications far-reaching and that is why we will do all we can to avoid this.
"But we believe we would be strong enough to survive relegation and also deal with it if it does happen."