Everton boss Frank Lampard admits Toffees cannot afford to spend like Boxing Day opponents Wolves

Frank Lampard has admitted Everton were aware of Matheus Cunha but do not have the money to compete with their Premier League rivals after Wolves signed the striker in a deal worth up to £40m.

The Brazil international, who signed from Atletico Madrid, will join the Molineux outfit on January 1, subject to a work permit, on an initial loan which will become a permanent deal should certain clauses be triggered.

Lampard was honest that Everton need reinforcements, especially up front, but the club were unable to proceed with Cunha due to finances. 

Matheus Cunha has signed for Wolves on a loan deal which includes an obligation to buy

The Toffees boss stressed they must be ‘sensible’ in the transfer market despite their poor start to the campaign.

Everton sit 17th in the Premier League and are slowly bringing Dominic Calvert-Lewin back into the frame as the striker tries to regain match fitness. 

Speaking about Cunha, Lampard said: ‘We were very aware of the player. He’s a really interesting player, but as you said, the number is big and Wolves to be fair have made the decision to go for him. 

‘Everyone has to work in different parameters and it wasn’t a parameter for us to work in.’

‘As a club — even though now league position and results are always the most important thing — we also have to make sure that what we are trying to do keeps working in the right direction and with the right type of players.

‘It is just a sign where Wolves are and where we are maybe not quite at the moment.’

Lampard, whose side sit 17th in the league, is well aware the Toffees need reinforcements

Earlier this year, Everton’s financial stability was called into question as the Merseyside club revealed a loss of £120.9million in their latest annual accounts.

It meant the club were forced to sell Brazilian World Cup star Richarlison to Tottenham for £60m in order to stay within the Premier League’s profit and sustainability…