The Corinthians president confirmed a contract extension for Memphis Depay as the former Manchester United forward agreed to a pay cut

In a dramatic turn of events that has captivated the Brazilian football landscape, Corinthians president Osmar Stabile has officially confirmed the contract extension for Memphis Depay. The announcement was made late on Monday evening, bringing to an end weeks of speculation regarding the striker's long-term presence in South America. The new agreement is set to keep the 32-year-old at the club until the summer of 2028, providing a significant boost to the squad as they navigate a demanding domestic and continental schedule.

The expectation is that Memphis will report to the CT Joaquim Grava on Tuesday morning, where he will rejoin his teammates under the guidance of manager Fernando Diniz as they prepare for upcoming fixtures. Stabile confirmed that the final administrative steps are being completed to formalise the deal immediately. Stabile told reporters: "The documentation is being uploaded. As soon as it’s uploaded to the system, I’ll sign it."

The path to this extension was far from straightforward, as the club initially struggled to balance the financial demands of the player's contract with their internal budget constraints. However, the breakthrough occurred when Depay agreed to a substantial reduction in his earnings to ensure his stay in Sao Paulo. Stabile acknowledged the player's willingness to compromise, which was a critical factor in the club's ability to proceed with the renewal despite previous hesitations.

Detailing the financial aspects of the negotiations, Stabile highlighted the significant decrease in the total value of the contract. "He lowered it significantly, I didn't want to talk about numbers, but he lowered the contract considerably. From what I felt and from the work we did, both legally, administratively, and financially, it's possible for us to pay this contract," he explained.

The decision to renew the contract was not made by the president in isolation. In an effort to ensure transparency and shared accountability, Stabile sought the formal approval of the Council of Orientation (CORI). The council met at Parque Sao Jorge on Monday afternoon to evaluate the terms of the new deal, ultimately giving their seal of approval to the extension.

Initially, the club had released an official statement claiming they would not sign a new contract due to financial risks. However, the combination of intense pressure from the Corinthians fanbase and Depay's willingness to renegotiate led to a complete reversal of that position. By involving the Cori, Stabile managed to distribute the institutional responsibility for the massive investment required to keep a player of Depay's stature.

With his future now secured, the attention shifts to how quickly Memphis can return to competitive action. The timing of the renewal is particularly crucial as Corinthians prepare for the knockout stages of the Conmebol Libertadores. The club is hopeful that by having the striker back in training immediately, he will be available for selection for the upcoming clash against Rosario Central. The fan reaction to the news has been overwhelmingly positive, as Depay has quickly become a focal point of the team's offensive identity since arriving in Brazil.