PSV Eindhoven has confirmed that Ricardo Pepi's transfer to Fulham has collapsed after the clubs failed to agree on a crucial detail in the late stages of negotiations. The €40 million ($46m) deal, which had been accepted by PSV, fell apart over when responsibility for the player would officially transfer, with Fulham seeking protection against potential injuries before the summer window opens.

The 23-year-old American striker had already flown to London to complete his medical with the Premier League club, following a failed bid in January when PSV couldn't secure a replacement. Despite battling injuries including a broken arm earlier this year and a knee injury in 2025, Pepi has been lethal in front of goal, scoring 13 times in 27 appearances across all competitions.

Pepi, who has 13 goals in 34 appearances for the USMNT, remains in PSV's squad that leads the Eredivisie by 16 points and will feature in upcoming friendlies against Belgium and Portugal. PSV director Earnest Stewart acknowledged the player's frustration while leaving the door open for future negotiations, suggesting clubs could still reach an agreement if conditions prove beneficial for both sides.