The decline of Liverpool officially began in 1991 when Graeme Souness bought in David Speedie as a late season signing. Souness was fresh from Rangers and seemed to have forgotten the Scottish league only contained two sides. Therefore players like Speedie were crap in a proper league, as proved by his stints with Chelsea and Coventry. Speedie starred in 12 games, which was more than Itsvan Kozma, Dean Saunders, Paul Stewart, Julian Dicks, Neil Ruddock and Don Hutchinson alone. Speedie was released for assaulting Mike Marsh and went on to play for 53 teams over the next 3 years.
The side never recovered and haven't won anything of consequence since.