The former European Cup winners are, according to the Sportski Zurnal newspaper, some $9.5m in debt, with expenditure almost three times the size of its revenues.
The paper quoted club president Dragan Stojkovic as saying: "Due to UEFA rules regarding refurbishment of the stadium, we have loans of EUR 6.77m. There are debts to banks and debts to suppliers. The total debt is close to 7.8 million euros."
However, the club hope to secure sufficient sponsorship deals to help alleviate their financial strain.
Serbian soccer club Red Star Belgrade says it is in on-going talks with a number of major companies as it seeks to secure vital sponsorship to help counter rising debts.
