(Honours won: FA Cup (1992))
 Graeme Souness had a reasonable start to his career as Liverpool manager. His first season saw the club win the FA Cup with a 2-0 win over Sunderland at Wembley, a success which ensured they would be competing in the European Cup Winners Cup for the 1992-93 season. He sold many good players and spent recklessly on expensive new players who did not all prove to be successful, especially compared to younger players like Robbie Fowler, Steve McManaman and Jamie Redknapp. The veteran striker Ian Rush meanwhile, was still scoring goals as free
Graeme Souness had a reasonable start to his career as Liverpool manager. His first season saw the club win the FA Cup with a 2-0 win over Sunderland at Wembley, a success which ensured they would be competing in the European Cup Winners Cup for the 1992-93 season. He sold many good players and spent recklessly on expensive new players who did not all prove to be successful, especially compared to younger players like Robbie Fowler, Steve McManaman and Jamie Redknapp. The veteran striker Ian Rush meanwhile, was still scoring goals as free ly as ever despite being in his thirties. Long-serving goalkeeper Bruce Grobbelaar was often being kept out of the team by promising young shot-stopper David James.
ly as ever despite being in his thirties. Long-serving goalkeeper Bruce Grobbelaar was often being kept out of the team by promising young shot-stopper David James.The Roy Evans Era (1994-1998)
(Honours won: Football League Cup (1995))
 "Boot room" veteran Roy Evans took over from Souness. Evans had been on the club's pay roll since the late 1950s. He guided Liverpool to an eighth place finish in the 19
"Boot room" veteran Roy Evans took over from Souness. Evans had been on the club's pay roll since the late 1950s. He guided Liverpool to an eighth place finish in the 19 93-94 Premier League campaign, young striker Robbie Fowler scoring 29 goals in all competitions which led to him being voted PFA Young Player of the Year. In his first full season (1994-95) Liverpool finished fourth in the Premiership and won the League Cup, beating Bolton Wanderers 2-1 in the final.
93-94 Premier League campaign, young striker Robbie Fowler scoring 29 goals in all competitions which led to him being voted PFA Young Player of the Year. In his first full season (1994-95) Liverpool finished fourth in the Premiership and won the League Cup, beating Bolton Wanderers 2-1 in the final.The Gérard Houllier Era (1998-2004)
 (Honours won: UEFA Cup (2001), FA Cup (2001), Football League Cup (2001, 2003), UEFA Super Cup (2001))
(Honours won: UEFA Cup (2001), FA Cup (2001), Football League Cup (2001, 2003), UEFA Super Cup (2001)) 2000-01 was Liverpool's best season for many years. The likes of Owen, Fowler, Steven Gerrard and Sami Hyypiä contributed to the club's third place in the Premiership (thus qualifying for the Champions League) as well as completing a unique treble of the FA Cup, League Cup and UEFA Cup, followed by the FA Community Shield and European Super Cup later in 2001. The League Cup was won by beating Birmingham City on penalties after a 1-1 draw, the FA Cup by beating Arsenal 2-1 with two goals from Michael Owen in the last ten minutes and the UEFA Cup by beating Alavés, in an extraordinary game, 5-4 in extra time. This feat made Liverpool the first club in English football to achieve two 'trebles' of any kind.
By now, Liverpool's side contained a new set of players including goalkeeper Jerzy Dudek, defender and captain Sami Hyypiä, young midfielder Steven Gerrard and Michael Owen's strike partner Emile Heskey.
 Liverpool finished Premiership runners-up in 2001-02, their best league finish since 1991, but suffered a humiliating defeat in the League Cup Third Round at the hands of Grimsby Town. 2001 was also dramatic for Houllier personally as he suffered a major heart problem which kept him away from the club for part of the season.
Liverpool finished Premiership runners-up in 2001-02, their best league finish since 1991, but suffered a humiliating defeat in the League Cup Third Round at the hands of Grimsby Town. 2001 was also dramatic for Houllier personally as he suffered a major heart problem which kept him away from the club for part of the season. 
Liverpool won another League Cup in 2003 but Houllier had again failed to deliver the league title, in fact finishing thirty points behind the champions Arsenal. Although Liverpool qualified for the Champions League by finishing fourth (making three qualifications during his tenure), fans saw Houllier's conservative and defensive tactics as sacrificing too much attacking impetus to challenge Arsenal and Manchester United for the title. During this period Liverpool had their longest streak of not winning any games in the top flight. Against a background of growing disquiet amongst the Liverpool supporters Houllier and Liverpool parted by mutual consent at the end of the 2003-04 season, his replacement being the Spaniard Rafael Benítez who had just guided Valencia to the Spanish league title and UEFA Cup.
 
 
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