Fulham’s move for PSV Eindhoven striker Ricardo Pepi is now off despite a transfer fee and personal terms agreed.
The two clubs had agreed on a package of over £30m to bring the United States international to Craven Cottage this summer. But the deal collapsed when no agreement could be made on “a potential break clause under various circumstances, even if Pepi gets injured,” Ben Jacobs reported.
The 23-year-old had even flown to London last week to complete a medical with the Premier League club. It’s the latest chapter in a long-term pursuit from Fulham, after they had a bid rejected in January due to a gap in valuation and PSV not having enough time to find a replacement.
Fulham were keen to secure Pepi’s signature well before the summer transfer window reopens in June. The plan was to complete the transfer now, and then for the centre-forward to finish the 2025-26 campaign in the Netherlands before partaking in the upcoming World Cup for the USMNT. Then he would join his new teammates.
But PSV director of football affairs Eanrest Stewart explained why the deal collapsed.
“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.”
Stewart later added: “Ricardo really wanted this move. It’s mainly a frustrating situation for Ricardo. Of course, we’re happy to keep a good striker at the club.”
Pepi has scored 13 times in 28 appearances this season as his side leads the Dutch Eredivisie by 15 points. Stewart had promised that the player wouldn’t be affected by the transfer collapse, and Pepi started in PSV’s 3-1 defeat on Sunday.
He’s also scored 13 goals in 34 appearances for the USMNT, and is in Mauricio Pochettino’s squad for upcoming friendlies against Belgium and Portugal.
The Texas native broke his arm at the start of this year, and has scored twice since returning at the end of last month. He also missed the second half of last season with a knee injury sustained in January 2025.
But this injury record has not deterred Marco Silva’s Fulham, who are expected to go back in for their target in the summer.
Stewart insisted the possibility of the two clubs eventually reaching an agreement is out of the question.
“If a player can make a good move and it’s also good for the club, then we’ll go for it,” he said.
With 34-year-old Raul Jimenez expected to leave SW6 this summer, Fulham are looking to bolster their attacking options.
With Silva’s contract expiring this summer, there were suggestions that the club wanted to get the Pepi deal done to convince the Portuguese to sign a new deal, which was offered back in November.