thnxx i will look at it tomorrow !! :) my team is also so short in people.. best is to start over in my view..
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I usually do that the other way round, you pay more for the contract if you have applied the points.
You can either "tank" with the team you have or take over a new one, which as mentioned you click the suit icon and there's a list to choose from.
Either way, you are pretty much starting from scratch, you will need to build up your $$ and get better players.
Always ALWAYS be building if you can afford it. When starting I concentrated on the turf & Booster producing facilities, but you wind up having to upgrade all anyway.