Everton are preparing a major squad overhaul after Richarlison's £60m exit

Everton are preparing for life after Richarlison and a major squad overhaul is in the works as Frank Lampard looks to prevent his side from being dragged into another relegation battle next season.

However, the Toffees' dire financial situation will prove to be a huge stumbling block if the reported £500million takeover – led by former Manchester United and Chelsea CEO Peter Kenyon – doesn't come to fruition.

Everton's need to balance the books saw them sell star striker Richarlison to Tottenham in a £60million deal, with the deal confirmed by the north London club on Friday morning.

Toffees boss Frank Lampard is now aiming to improve the squad ahead of the new season

There is still uncertainty…