The Brazilian completed a £60million switch to Spurs at the beginning of July after finishing last season as the Merseyside club's top scorer with 11 goals.
Everton have yet to find a replacement for the flamboyant 25-year-old, leaving some fans concerned ahead of the upcoming season but Gray admits he was not sad to see Richarlison depart this summer.
"I know they've lost Richarlison. I know a lot of Evertonians will be bemoaning that fact - I'm not," Gray revealed to talkSPORT.
"I don't think his numbers back up what he gave Everton.
"Yes, he had a good finish to the season last year. Yes, he got five or six goals at the end but I think that papered over a lot of problems we had with Richarlison, so I'm not that disappointed he's gone if we invest the £60m wisely and buy other players in.
Only Leeds and relegated trio Norwich, Watford and Burnley scored less goals than Everton last season and without Richarlison's goals next term, it could be another tough campaign ahead.
Until now, there have been no concrete moves for any players that could fill the void left by the Brazilian.
Gray added on White and Jordan: "It's very clear that Everton seem to be at a crossroads now. Throughout my life I've seen great teams, big teams and big clubs crash and burn.
"I look at my old club Wolves who nearly went out of business, Leeds United who disappeared from the Premier League and took years and years to get back.
"I fear for Everton that if they went down, that could happen."
Everton have been one of the Premier League's quieter teams during the transfer window with only Burnley defender James Tarkowski through the door so far.
Frank Lampard's side have been linked with moves for Tottenham's Harry Winks and Chelsea starlet Billy Gilmour in the past week.
Wolves midfielder Leander Dendoncker is another name Lampard is believed to be tracking as Everton look to bolster their squad to avoid a repeat of last season's relegation battle.
Everton kick-off their Premier League campaign against Lampard's former side Chelsea at Goodison Park on August 6.