The north London club made a loss of £3.98m last season, an improvement on a £5.17m deficit the year before.
Chairman Nigel Wray said having a smaller squad and "finishing 11th" was one obvious way to cut the debt.
"But that would send out a terrible message to players that we weren't ambitious and would hardly attract sponsors," he added.
"We have a very well-known brand which is of considerable value and must be nurtured."
The club's accounts showed total salaries rising to £9.81m, but a 13% increase in turnover led to a reduced annual loss.
The losses will be funded by parent company Premier Team Holdings Limited, although their written intention to do so is not legally binding.
"The financial results are not good but they are better. We are finally going in the right direction," said Wray, in a statement with the accounts, which have been submitted to Companies House.
The overall debt of the Allianz Park outfit increased from £41.6m in the summer of 2014.
Premiership champions Saracens are now £45.1m in debt, their accounts for the year to June 2015 have revealed.