Pepi and Fulham reached a full agreement earlier this week on a summer move reportedly worth €36 million. After the American striker completed his medical on Friday, PSV and Fulham were a couple of details away from also reaching an agreement, but that deal has now fallen apart, Stewart confirmed.
"In the end, no agreement was reached on when responsibility for the player would be transferred," Stewart told ESPN.
PSV wanted Fulham to take full responsibility the moment the deal was struck, meaning that regardless of whether Pepi would pick up an injury, the striker would move to Fulham. The Cottagers wanted to retain the flexibility to pull out of the deal in case of an injury.
Pepi has not played a full season without missing several games due to injuries since joining PSV in 2023, and was limited to 27 and 17 games in the previous two seasons. This season, Pepi has missed 11 games due to knee and arm injuries and has started just 12 of the 27 games in which he was included in the gameday squad.
'He harbours no grudge'
"Ricardo really wanted this," Stewart continued. "It’s a particularly difficult situation for him. We’re obviously pleased to be keeping a good striker."
"Peter (Bosz) will need to discuss this weekend's availability with him, but knowing Ricardo, it won’t have any impact. He harbours no grudge against PSV and, in that respect, is a bit like Joey," Stewart said, aiming at Joey Veerman's collapsed transfer to Fenerbahçe in January.
A future deal with Fulham isn't out of the question for Pepi and PSV, Stewart admitted.
The 23-year-old Pepi joined PSV from FC Augsburg in 2023 for €11 million after impressing at Eredivisie side FC Groningen the season before, in which he scored 12 goals in 29 games. The American has amassed 39 goals and 9 assists across 82 matches across all competitions.
