That is only half the picture. Being in debt is not necessarily a bad thing. You need to consider how the debt is serviced, interest repayments, along with the capital.
I would be interested to see how the turnover of these clubs performs as the economy slides. Will they still be able to attract the crowds and sell replica kit? Bearing in mind the total turnover of the biggest club is not that great to start with. A talking head on R4 this morning gave a figure of Â£200m.
As to player wages, they may not be much movement available as most player wages are on long term contracts. I doubt there would be much appetite to re-negotiate. With the operation of transfer windows the clubs are stuck with the players they have for the time being.