Flamengo is the team with the biggest fan base in Brazil. But it's also the team with the higher debt (R$703 mi = 673,000 brazilian minimum wages). Flamengo was indeed in talks with cogu team but that was just an initial prospect as they first have to gather financial support from sponsors for making the move. Paying a team to compete in NA is a lot of money if a brazilian org is earning in R$ (BR coin).
However that should be a very good move for Envy, which would take this team for free. The players were asking for $15k per month + gaming house. If they negotiate well, this number could also go down a bit. And they would have a top10 team under their banner - win-win.