The newspaper cited an extract from the debt recovery office indicating the sum owed to 25 creditors ranging from the tax office, hotels and property agents.
Most of the bills "date after May 12th, the day that Bulat Chagaev took over control officially," the report claimed.
Chagaev's lawyer Francois Canonica explained that the debt arose from legal cases linked to the club's former administrative staff.
"All companies have them. In our case, the opposition has not been lifted and the procedures have not moved on," he said.
As for unpaid bills to suppliers, the lawyer added that these would be settled "today or tomorrow."
"These debts do not put Xamax in danger," he added.
Chagaev became a board member of the club in May and sacked the entire coaching staff moments after the side had lost 2-0 to Basel. He brought in the present coaching team in June after he took overall control of the club.
The behaviour of the Chechen has been widely discussed in Switzerland.
In one report on August 28th, news website 20 minutes said that Xamax players have admitted to being petrified by Chagaev with one of them claiming he feared for his life.
Chagaev had allegedly stormed into the changing room following Neuchatel's draw with Lausanne a day earlier and terrorised them while he had to be physically restrained by his armed bodyguards from assaulting the coach Joaquin Caparros.