Ricardo Pepi to Fulham is OFF! Why PSV have pulled the plug on €37m transfer for USMNT star - explained

Fulham’s hopes of landing a marquee striker to spearhead their attack for the remainder of the campaign have been dashed at the eleventh hour. According to Voetbal International, the proposed transfer of Pepi to Craven Cottage is now off, despite the two clubs having previously reached an agreement on a substantial financial package.

The Premier League side had shown serious intent, tabling a bid worth around €37m (£32m/$44m) to bring the 23-year-old American international to London. Negotiations had progressed smoothly regarding the fee and personal terms, with Pepi reportedly keen to test himself in the English top flight.

However, the green light never arrived. On Monday morning, with the transfer window’s deadline looming large, PSV communicated their final decision to the Fulham hierarchy: the deal could not proceed. The sudden U-turn has left Marco Silva’s side with little to no time to pivot to alternative targets, effectively ending their search for a new number nine in this window.

The collapse of the transfer hinges entirely on PSV’s inability to source a successor. VI reports that while the Eredivisie champions were tempted by the significant profit they would have made on Pepi, they were unwilling to sanction his exit without bringing in a guaranteed scorer to fill the void.

PSV are currently entrenched in a competitive domestic title race and have European commitments to honour. The club’s sporting director, Earnest Stewart, spent the final days of the window scouring the market for a viable replacement who could hit the ground running at the Philips Stadion.

However, with the January market proving notoriously difficult for finding elite strikers, PSV struck out on their primary targets. Faced with the prospect of weakening their squad significantly for the second half of the season, the Dutch club took the pragmatic decision to prioritise sporting stability over financial gain. As a result, they exercised their right to veto the Pepi sale, regardless of the agreement in principle with Fulham.

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For Fulham, the news comes as a bitter blow. Having just secured the signing of Oscar Bobb from Manchester City to bolster their creative options, the addition of Pepi was seen as the final piece of the jigsaw to push for a European place.

Cottagers manager Silva has been vocal about the need for more ruthless efficiency in the final third. Pepi, who has been in prolific form in Netherlands, was identified as the ideal profile to lead the line.

The breakdown of the move leaves Fulham reliant on their existing forward options. While Rodrigo Muniz and Raul Jimenez have served the club well, the pursuit of Pepi suggested that the recruitment team felt an upgrade was necessary. Missing out on their top striker target after having the fee accepted will be seen as a significant failure in strategy, leaving the squad arguably short of firepower for the run-in.

The immediate future of Pepi now lies in the Eredivisie, though his long-term destination remains a topic of debate. The USMNT star has made no secret of his desire to play in a top league, and the fact that a fee was agreed suggests that PSV are open to selling him if the conditions are right.

Pepi must now reintegrate into the PSV squad and ensure this disappointment does not affect his performance levels. With the 2026 World Cup on the horizon later this year, consistent playing time and goalscoring form are paramount for the striker.

While the move to London is off for now, the groundwork laid during these negotiations could be revisited in the summer, VI claims. Fulham have shown they are willing to pay the asking price, and PSV will have a full pre-season to identify a replacement. For the next five months, however, Pepi remains a PSV player, tasked with firing them to glory before the transfer circus inevitably restarts in June.