Hello , if you go bankrupt they force you to sell your roster. From the game manual :
" If your account is below -$500,000 at the time of a weekly economic update, you are given two weeks to bring your account back above -$500,000. Failure to reach that mark will result in all of your players being put on the transfer list automatically with a starting price of $0. If, after your players are sold, you are still not above -$500,000, you will be fired as the manager at the next economic update. Debt and bankruptcy are the first items calculated in the economic update each week. "Available cash after bids" does not count as money for the purposes of computing bankruptcy or the 5% interest penalty on a negative balance. Players must sell prior to the weekly economic update for these credits to pull you out of bankruptcy. "