Valencia confirmed on Monday that the proposed £7.5 million transfer of John Carew to Fulham was off. The west Londoners are thought to have been looking for a loan deal, while Valencia were only interested in offloading the big Norwegian permanently.
Carew earlier explained that the move had hit problems as he prepared to board a flight back to Spain.
"We agreed about the personal things in the deal, but the clubs are not on track," he said. "I had good talks with Fulham and I have a good impression of the club, but I am cool about it and I am going back to Valencia."
Fulham wanted to borrow the 22-year-old, who passed a medical at Craven Cottage, with an option to buy him in the summer.
Carew's Norwegian agent Per A Flod added: "We had agreed on most things when Fulham stopped and pulled back for new board meetings," he said.
"It could now be the start of a train running in the wrong direction. The ball is in Fulham's court now. It might take until Tuesday before we know where this is going to end.
"This is not a catastrophe for us. Valencia have been trying to get a deal because of their financial situation. John has a contract with them until 2005 so he is in no rush to leave Spain."
Source one football