Gojko Kacar will remain at Hamburg after he failed to agree personal terms with Bundesliga rivals Hannover.
Hamburg chairman Carl-Edgar Jarchow has blasted the 25-year-old Serbian midfielder for not accepting the move, which would have handed head coach Thorsten Fink extra funds.
Kacar's exit would have freed up around £1.75million for the club to reinvest in new players this month, but after the collapse of the deal, Jarchow admits the player's decision has been a wasted opportunity.
He told the Hamburger Morgenpost newspaper: "I can't sympathise with Gojko after the decision he has made. I don't understand why he has not taken the chance offered to him.
"We told him about his future at our club and hinted it would be best for all parties if he moved on."
Meanwhile, the club's general manager Frank Arnesen added: "It's a pity for Hamburg and a pity for Hannover. Not moving on is also a pity for Gojko himself."