PSV Eindhoven said Saturday that United States striker Ricardo Pepi‘s expected transfer to Fulham this summer is now off after the club’s failed to agree on a key issue late in the process.
ESPN reported last week that Fulham had an offer in the region of €40 million ($46m) accepted by PSV. Pepi subsequently flew to London to complete a medical with the Premier League club.
Fulham also made a bid for Pepi in January but the move didn’t go through then as there was a gap in valuation while PSV were also seeking a replacement.
– Marsch: USMNT U-turn left me ‘devastated, angry’
– Is USMNT striker group the best it’s ever had for a World Cup?
– Poch made exception for ‘special talent’ Reyna
A transfer looked set to finally be complete ahead of the transfer window reopening in the summer, but PSV director of football affairs Earnest Stewart said that the clubs could not agree on when the deal would be made official, with Fulham said to want to retain the ability to pull out of the move before the window opened if Pepi suffered an injury.
“In the end, no agreement was reached on the moment when responsibility for the player would be transferred,” Stewart said.
“We were already in talks with Fulham during the winter break, when they made their move just before the transfer window closed. At that point, we couldn’t bring in a replacement anymore, so the transfer couldn’t go through. But a week later, we resumed discussions and the process got underway again.
“That issue of responsibility for the player was a very important detail throughout. We did get a bit closer on it, but in the end, we were still too far apart.”
Pepi suffered a broken arm in early January, though has scored two goals in four games since returning at the end of last month. The 23-year-old also suffered a knee injury in January 2025 that forced him to miss the second half of last season.
“Ricardo really wanted this move,” Stewart added. “It’s mainly a frustrating situation for Ricardo. Of course, we’re happy to keep a good striker at the club.”
PSV, who lead the Dutch Eredivisie by 16 points, visit Telstar on Sunday, with Pepi expected to be involved. Overall this season he has been lethal in front of goal, and has scored 13 in 27 appearances in all competitions.
“[PSV head coach] Peter [Bosz] will have to discuss this with him, but knowing Ricardo, it won’t affect him. He doesn’t hold any grudges against PSV,” Stewart said.
Stewart, himself a former U.S. international, did not rule out the possibility of the clubs eventually reaching an agreement for Pepi’s exit, however.
“That’s something you should never do,” he said. “If a player can make a good move and it’s also good for the club, then we’ll go for it.”
Pepi, who has 13 goals in 34 appearances for the U.S. men’s national team, is included in Mauricio Pochettino’s squad for friendlies against Belgium and Portugal at the end of this month.
ESPN’s Tom Hamilton contributed to this report.
