Everton need to sell. They are right on the brink of FFP, especially now Leeds and Burnley have started shaking the tree
Part of the issue, though, is that there are no actual set penalties for exceeding the FFP limitations. It would get referred to a Commission consisting of members of the Disciplinary Panel, who would then hear the case, and issue anywhere between a reprimand and the suspension of Everton from the Premier League, at their discretion. Most likely, for a first-time breach of the regulations (during a global pandemic), the punishment would be -- ironically enough -- a significant fine, and an edict to return to within limits before the following season or face further sanction (probably a transfer ban).
The other issue is that there are a lot of offsets...you can't just look at topline figures. Per Swiss Ramble, Everton's operating losses over the past three seasons were £376m; however, their declared losses for the purposes of the Profitability and Sustainability calculation were a mere £144m.
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That's why people freaking out about FFP really were missing how easy it is to
not exceed the limits when everything is taken into account: Everton has hemorrhaged money at a nearly-incalculable rate through bad deals and managerial turnover, during two highly disrupted seasons, while building a stadium, and they're still only a bit of accounting sleight-of-hand from remaining within the rules.
(Also, note that Everton booked over £100m in profit on player sales, during a period where they had a net spend of over £150m. That particular bit of accounting magic remains the chief way in which pretty well every team in the PL remains free and clear from any concerns about FFP).