Valakari failed to become a first team regular at Pride Park Stadium and decided to join Dallas Burn for the 2004 MLS season and finished the year with a goal and four assists.

[2] Valakari decided to return to Finland for the 2007 Veikkausliiga season, where he signed for TPS, managed by Mixu Paatelainen.

[7][8] After working as assistant manager for the Finnish national team after being fired from the SJK job, he was appointed head coach of Norwegian Eliteserien side Tromsø IL in June 2017.

In 2018, his contract was extended until 2022, but he was fired due to disagreements in April 2020, after the club had suffered a relegation at the end of the 2019 season.

[11][12] Under Valakari, KuPS won two consecutive Finnish Cup titles in 2021 and 2022,[13] and finished as the Veikkausliiga runner-up twice, falling just a one point short to HJK on both occasions.

[15][16] Shortly after his contract termination with KuPS, it was announced that Valakari was named the head coach of FK Auda in Latvia for the 2023 season.

[20] On 13 December 2023, it was reported in Finnish media that Valakari is about to be named the new head coach of a fellow Latvian side Riga FC.

Due to work visa issues, the first two matches he couldn't officially access the bench,[28] but on 26 October, he managed St. Johnstone as they beat Dundee 2–1 away at Dens Park.