Memphis Depay and Corinthians have parted company with immediate effect, the Brazilian club have announced. Earlier, it had still appeared that the Netherlands' all-time top scorer would extend his expiring contract, but that will now not happen.
"Corinthians have decided not to extend the contract of the player Memphis Depay," reads the club's official statement. "This decision has been taken solely and exclusively with a view to the financial health of our institution, which requires a strict balance and responsibility in the management of the available resources."
Money appears to be the main reason behind the split. Memphis had already clashed with the club more than once in recent times over overdue payments. Even so, he intended to extend his contract, provided his strict demands were met. Corinthians have now decided not to agree to that.
"We want to express our deep gratitude to the player Memphis Depay and his entire team, who from the beginning of the negotiations have strived for the best possible agreement," it reads.
"The board also recognise and appreciate the unceasing efforts of all departments, who have worked to make the continuation of the player possible. Faced with Corinthians' current and future financial obligations, it was clear that entering into a new agreement of this magnitude at this time would not be compatible with the financial balance we must maintain to guarantee the sustainability of the club."
For further clarification, Corinthians will hold a press conference in the coming days, with president Osmar Stabile set to attend. Where Memphis will continue his career is not known.