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Given how poor his first season at Manchester United has been, there is no way it could reasonably be argued that Memphis Depay has lived up to his price tag. Frankly, his impact has been so limited that he has barely lived up to his salary, let alone the fee paid to PSV Eindhoven for his services.

That is not to exclude the possibility that he will come good in the future. Indeed, the assessment of the price paid for a player should never be rendered as definitive after one season.

Football clubs amortise the cost of transfers over the length of a contract, meaning for accounting purposes, the cost is spread. That is not just an accounting trick, it is a helpful reminder that the short-termist reaction that says a transfer fee was excessive after one season is not an accurate reflection of value.

The fee paid for a player—especially a young player—will always be designed to be a valuable investment over the length of the player's stay at a club.

And as always when looking at the value of a transfer, the sad reality of 21st-century football at the top level is that the on-pitch contribution is not the only metric of value. There were a lot of "Memphis 7" shirts on display at Old Trafford at the opening game of the season against Tottenham Hotspur.

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But assessing the commercial value of Memphis' presence to the club is neither particularly interesting nor indeed possible with the information we have to hand. What we can assess is whether or not Memphis has performed on the pitch.

And the answer to that question is "only occasionally." He made a game-changing difference in the following games:

Club Brugge at home

Watford away

Sheffield United at home

FC Midtyjlland at home

He also outperformed his teammates in away losses against PSV Eindhoven and FC Midtjylland.

If those were the peak moments in an otherwise decent season then the verdict on Memphis' first campaign would be different. But the huge variance between his occasional good performances and his generally poor contribution mean his status has fallen considerably since he arrived at Old Trafford.

In the summer of 2015, he topped France Football's list of the top 50 players in the world aged 21 and under (h/t the Independent). After a bright FIFA World Cup in 2014, he had dominated in the Eredivisie, leading the scoring charts en route to PSV's title win in 2014/15.

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The step up to the Premier League looked to have a negative impact almost immediately. It was evident in the manner in which he approached opposition defenders, from that Spurs game onward. He just looked like he was used to having more time on the ball.

There always seemed to be a sense that he wanted one too many moments when in possession, that he was not quite decisive enough and that the aggressive defending in the Premier League would hamper his style.

His star-turn against Club Brugge gave further evidence of this—at a level more similar to that which he was used to, he dominated, scoring an impressive brace.

His one devastating performance of the season came against Midtjylland at Old Trafford. He was awarded a 10 for that game by football statistics website WhoScored.com.

His direct opponent, Midtjylland full-back Andre Romer said, per Goal.com:

I’ve never been so close to crying after a match as I was today. Memphis is the best player I have ever faced. It was difficult to do anything about it when he plays like that. He is the best. He can do anything. He went inside, outside, turned me around and used his incredible pace to get past me.

That performance was one of the best by any player in a United shirt all season, and it speaks to two important factors when considering Memphis' debut season. Firstly, the talent that earned him his United move is clearly still there.

The second is his treatment by then-United manager Louis van Gaal. Having stuck with the player through his initial teething problems, Van Gaal eventually dropped his compatriot, who became a peripheral figure. After losing his place, it was only when others were injured that Memphis got a chance.

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An injury-hit United faced Arsenal and Watford after Midtjylland, and Memphis retained his place in the side. He played well against Arsenal, decently against Watford and clearly had recovered some confidence. However, when the injury crisis eased, Van Gaal once again sidelined Memphis, in spite of his Midtjylland heroics.

It repeated the pattern of the manager's treatment of Angel Di Maria in 2014/15. Another talented but underperforming No. 7 at United was getting short shrift from the manager. His failure to get anything like the best out of either was one of the big failures of his United career.

But Memphis is certainly not blameless, however his manager's behaviour affected him. Having been slow to adapt to his new footballing surroundings, he failed to adequately change his game.

When his confidence appeared to be knocked by his lack of on-pitch impact, he seemed to go within himself, sometimes appearing withdrawn sulky on the pitch. That is an understandable response in the circumstances, as his defence mechanisms kicked in to protect him from the criticism he knew he would receive, but it has not been helpful.

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The press were critical of his style of dress. Fans grew frustrated with his lack of impact. And his manager's reputation when dealing with players whom he perceives not to be fitting in makes it seem unlikely that Memphis would have felt supported.

Indeed, during an international break in March, Memphis made his uncertainties about his position at United career. As Mirror Football reported, "Asked if he still feels the same support and confidence in him at United, Memphis paused before saying: 'Only sometimes.'"

But there is still hope for Memphis' United future. Luke Shaw's performances at the start of this season were a huge step up from his 2014/15 season. Memphis may yet adapt.

In December 2015 Chelsea's then-manager Guus Hiddink said of him, per the Mirror:

He's a very young guy. When he was in Holland he was one of the star players, at a very young age. There is a lack of star players in Holland who are playing already many years in their league so at a young age he was bombarded as one of the big talents. He has this talent but he's also now having a confrontation with the demands of the Premier League, which are much higher in intensity of the game during 90 minutes.

Time will tell if he ever does justify his fee.

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Much will depend on new United manager Jose Mourinho, the man who will now decide whether to stick or twist on Memphis. He is a manager who can build powerful working relationships with players, inspiring them to greatness. If he sees the Dutchman as a potentially useful asset, then he can begin the work of rebuilding his confidence.

Whether he succeeds or not remains to be seen. The potential promise that had Memphis so highly rated when he arrived at United has not gone. The raw materials are there to work with.

There is no reasonable argument to suggest he has lived up to his price tag yet, but the future remains full of possibilities for Memphis.