Do i need to sell Power
Yes! :)
Power alone is more than your league average TEAM salaries. Even Div II teams would struggle to field a balanced and competitive team with one guy taking up 180k. Also you have three starters and then nothing.
Your attendance dollars are quite low compared to the league average as you aren't winning enough games, further killing your bank balance.
Definitely sell Power and look to replace him with three guys that give you a complete starting 5. This should allow you to win more games, which increases attendance. Also gives you a great chance to get up to 5th and remain in div III.
Also consider getting 1 or 2 good trainees to build up when you have some cash.