This bit is a little unprofessional, on both sides if true :
Rumours quickly circulated that Dnipro president Igor Kolomoisky caused the deal to breakdown by refusing to sign the relevent paperwork, but Rusol has placed the blame at Liverpool's door.
"Igor Kolomoisky gave the go-ahead immediately," he added. "It is not our fault, Liverpool representatives could have arrived a day or two earlier.
"The president could not keep the midfielder, because the contract spelled out the specific release clause.The British club just did not have time to finish the deal. Our club could not sign the transfer documents until we received the money in the account.
"Up to the deadline we were waiting for the transfer of money from Liverpool. But this did not happen."
There is no reason as far as I know that a contract could not be signed and funds transferred within (for example) 48 hours with penalty clauses for any delays. And why would any club transfer the money BEFORE a binding contract was signed (into escrow of course but that is not made clear) ?!
Apparently the money was signed with two hours to go. The deal was agreed, the president just refused to sign the player over.