PSV Eindhoven announced on Saturday that the expected transfer of United States forward Ricardo Pepi to Fulham is off after the clubs failed to agree on a crucial detail late in negotiations.
According to ESPN’s report last week, Fulham had a bid around €40 million ($46m) accepted by PSV, leading Pepi to travel to London for a medical examination at the Premier League club.
Fulham had also made an approach for Pepi in January, but the deal fell through due to a valuation gap while PSV was looking for a replacement.
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A transfer appeared imminent as the summer transfer window approaches, but PSV’s director of football, Earnest Stewart, stated that the clubs could not finalize the timing of the deal. Fulham was reportedly keen to retain the option to withdraw from the transfer if Pepi were to get injured before the window opened.
“Ultimately, we couldn’t reach an agreement on when the responsibility for the player would shift,” Stewart explained.
“We had already been talking to Fulham during the winter break when they made their initial bid right before the transfer window closed. At that stage, we were unable to secure a replacement, so the transfer couldn’t proceed. However, a week later, we resumed talks, and the process began again.
“The issue of responsibility for the player was a crucial factor throughout the discussions. We made some progress, but ultimately, we were not aligned enough on this detail.”
Pepi, who suffered a broken arm earlier in January, has managed to score two goals in four games since returning at the end of last month. The 23-year-old also experienced a knee injury in January 2025 that sidelined him for the latter half of the previous season.
“Ricardo was very eager for this transfer,” Stewart noted. “This is mainly a frustrating situation for him. However, we’re pleased to retain a strong striker at the club.”
PSV, who currently leads the Dutch Eredivisie by 16 points, will play against Telstar on Sunday, with Pepi anticipated to participate. He has impressively netted 13 goals in 27 appearances across all competitions this season.
“[PSV head coach] Peter [Bosz] will need to talk this over with him, but knowing Ricardo, it shouldn’t have a negative impact. He doesn’t hold any resentment towards PSV,” Stewart mentioned.
Stewart, who is also a former U.S. international, did not dismiss the possibility of the clubs returning to the negotiation table for Pepi’s transfer in the future.
“That’s something you should always keep open,” he said. “If a player has the opportunity for a great move that benefits both him and the club, we’ll pursue it.”
Pepi, who has scored 13 goals in 34 matches for the U.S. men’s national team, is set to be part of Mauricio Pochettino’s squad for upcoming friendlies against Belgium and Portugal later this month.
ESPN’s Tom Hamilton contributed to this report.