Absolutely no reason for any active Manager to have debts like that. Possible the team has been abandoned. Watching a few videos each day reaps dividends.
FC Loella. Level 29
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ROMANBY VILLAGE FC (founded December 24th 2013)
Level 131
50 League
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You can easily get into such amount of debts. For example, win bids for 8-9 players, each costing around 100 millions from the auction market with a balance of around 100 millions.
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The thing is he is a active manager.I found him in auction bidding
You can bid on all the players you like, if you have what each player cost.
If you then win the auction, you go into debt.
I have had more debt at one point. I had about 400M, but bid on 12-14 new regens at the start of a new season.. Most of the players didn't came immediately, but was signed, so i had to get rid of my other players first.
I would guess thats the same in this case.