Southampton posted a net loss of £7.1m and will enter the summer window owing £27m in remaining transfer fees.
There is also a bill of £30m pending for the new training ground.
Hofstetter who joined the board in January said.
"Whilst I perceive that we have inherited a difficult situation financially, there are now clear and structured plans in place to progress the club and avoid a similar situation from occurring again," Hofstetter said in a statement.
Nicola Cortese was at Southampton from 2009 and was credited with helping to bring stability off the pitch after many years of financial turmoil for the South Coast Club.
Hofstetter has said the new board must act now to remove some of the "burdens" of that regime.
Speaking to BBC Radio Solent, he added: "Of course it's a burden, but it's a burden that has to be covered and will be covered.
"When I came in from the outside I had different information, I was surprised but not disappointed. It is what it is and my culture is to look to the future and accept the past."
This means Southampton will start next season with a transfer debt of £27m - despite already paying £21m of fees this season - but Hofstetter has said that this will not lead to the sale of England Internationals such as Luke Shaw, Jay Rodriguez and Adam Lallana.
"The most important point is that we are in a position where we do not need to sell any player Mauricio [Pochettino] wants to keep," Hofstetter added.