Depay joining Corinthians a boost for Brazil but a sign of deeper issues
It's true, the Brazilian Serie A has some things going for it right now. It was the eighth-highest-spending league in the world in the last transfer window and increased spending by 179% compared to the same window in 2023, according to the Football Observatory (CIES).
The main explanations for this phenomenon are the arrival of 'multi-club ownership' in the country - mainly with the purchase of Bahia by the City Group and Botafogo by John Textor's holding company - the big-money sales of young players and the good financial management of teams with huge fanbases, such as Flamengo and Palmeiras.
However, Memphis is not exactly a fish out of water or a new phenomenon. There are 132 foreigners currently playing for the 20 clubs in the league.
The majority are Latin American players, but there are eight Europeans such as Frenchman Dimitri Payet of Vasco, Spaniard Hector Hernandez of Corinthians and Danish player Martin Braithwaite of Gremio (not counting naturalised Brazilians like Spain's Diego Costa).
On Monday, Vasco - managed by holding company 777 - announced the signing of 28-year-old Swiss midfielder Maxime Dominguez, who was with Gil Vicente in Portugal.
But as a rule, international stars arrive in Brazil when their careers are at a low ebb, they're on the verge of retirement or they no longer have good options in Europe, like Chile's Arturo Vidal, who failed to excite at Flamengo in 2022.
There are a few historical success stories, such as Clarence Seedorf coming to Botafogo in 2012 after leaving AC Milan or Uruguayan legend Luis Suarez, who dazzled at Gremio in 2023.
Shortly before the arrival of Memphis and Payet, Sao Paulo brought in Colombian James Rodriguez, formerly of Real Madrid, in one of Brazilian football's recent high-profile signings. However, like Willian - who swapped the Premier League for Corinthians and has already left - James didn't make it.
Memphis, meanwhile, wasn't signed by any major European club after his contract with Atletico Madrid wasn't renewed and so was largely forced to head to Brazil as an unwanted man on his home continent.
More impactful than the arrival of the Dutch star was the signing of Argentinian Carlos Alcaraz in August, who swapped Southampton for Flamengo at the age of 21.
This is the real limit of the league; stealing a promising midfielder from an average Premier League team.
Corinthians' new signing seems irresponsible, but Flamengo do have the strength and money for such an operation.
A league without financial fair play
While many Corinthians fans were happy, the move for Memphis Depay was criticised by the Brazilian press.
The striker is expected to cost around £400,000-per-month for a club that owes more than £250 million and whose president is undergoing impeachment proceedings.
"If they don't pay players' wages, how can this club acquire new players? This account doesn't close," said president Leila Pereira, of rival Palmeiras, the day after the news of the Memphis deal.
Corinthians even owe money to Cuiaba, currently a direct opponent in the fight against relegation.
There are no 'financial fair play rules' whatsoever in Brazil. There is no transparency in the balance sheets, clubs are free to spend more than they take in and only have to account for it internally.
What John Textor does at Botafogo, for example, he couldn't do at Crystal Palace. According to UOL, the team from Rio spent 100 per cent of its annual revenue on signing new players.
An aggravating factor in Corinthians' case is that, in addition to the complicated financial and administrative situation, the club's main sponsor - the betting site Esportes da Sorte - is being investigated for money laundering.
In 2005, the Sao Paulo club was the target of a federal police operation because of investments made by MSI, a controversial company owned by businessman Kia Joorabchian. The team won the Brazilian championship with some international stars, but then collapsed and fell to the second division.
While there is excitement about the arrival of Memphis in Itaquera, there is also the fear of 2005, and the clamour for the introduction of financial fair play in Brazil's Serie A is quickly gaining momentum.
