Hello Krsna
I've taken a quick look at your league and can see that you have 4 drivers.
Every race you will be paying the salary of all 4 of your drivers, not just the two racing, I would suggest as a first step to sell two of the drivers you don't need.
The same goes for CD's, TD's and doctors, although I can't see if you have more of them.
For further hints on trying to recover from debt, this post from Connor might be of use.
https://igpmanager.com/forum-thread/48203#259630