Bryan Ruiz will remain at Fulham and not play on loan at Levante after the Spanish club saw their appeal to have the player's transfer granted finally turned down.
Bryan Ruiz: Remaining at Craven Cottege
The 29-year-old forward's planned six-month loan move to the Valencian outfit was scuppered with the paperwork received one minute after the transfer deadline on January 30.
"We have to accept and respect FIFA's decision but I still don't understand it," Levante president Francisco Catalan told his club's official website. "However, we will not appeal any further.
"FIFA simply state that the paperwork was received after the deadline and that one minute after midnight was already late.
"We are frustrated and disappointed."
Catalan revealed that Levante had been working with Fulham on completing the deal since January 21.
"The delay was from Fulham's end because the player wanted to come," he said. "They (Fulham) didn't realise the (Spanish) transfer deadline ended on Friday (January 30) and not on Monday (February 2).
"If there was a one-minute delay it's because the paperwork didn't get there in time. Levante's only fault was to try until the end in order to bring a good player to Levante.
"Fulham considered Bryan an important player. The player's behaviour has been excellent. For Bryan, it was a dream come true to play in Spain."
Ruiz, who captained Costa Rica to the quarter-finals of the World Cup in Brazil last year, has scored four goals and set up two more in 17 Championship games for Fulham this season.
Levante are fighting to defend their top-flight status this season and are 18th in La Liga, one point adrift of safety.