The 1991–92 Liverpool F.C. season was the 100th season in club history and Graeme Souness's first full season as manager of the club. The manager needed heart surgery in April, only to be present when Liverpool won the final of the FA Cup the following month. However, it was a disappointing season in the league for Liverpool, whose sixth-place finish was their first outside the top two since 1981.
Souness reshaped his side substantially over the close season. Out went older players including Peter Beardsley, David Speedie and Gary Gillespie as well as the young Steve Staunton, and in came £2.9million national record signing Dean Saunders from Derby County along with his Derby colleague, defender Mark Wright. He also forked out for Rangers midfielder Mark Walters and blooded in young talent in midfield in the shape of Steve McManaman and Jamie Redknapp, and just after the season began he drafted in Rob Jones from Fourth Division Crewe Alexandra, and within a few months the player, barely in his twenties, was representing England at senior level.
On his way out of Anfield halfway through the season was midfielder Steve McMahon to Manchester City, followed by defender Barry Venison to Newcastle United at the end of it. Mid season also saw the arrival of midfielder Michael Thomas from Arsenal, two and a half years after the player's goal for his former club had denied Liverpool the league title. Thomas ended the season by scoring one of Liverpool's two goals in the FA Cup final against Sunderland, the other coming from Ian Rush.
Season overview
Pre season
As manager Graeme Souness prepared for his first full season as manager of Liverpool, a number of significant changes were made. The biggest stories of the summer were the arrival of Dean Saunders, the Derby County and Wales striker, for a national record fee of £2.9million, and Derby's centre-half Mark Wright for £2.2million. He bolstered the midfield with a £1.25million move for Rangers midfielder Mark Walters, bringing the 27-year-old Birmingham born player back to England four years after he left Aston Villa to move north of the border. Leaving the club were strikers David Speedie to Blackburn Rovers and Peter Beardsley to Everton. A surprise sale came when highly promising 22-year-old defender Steve Staunton moved to Aston Villa 10 days before the start of the season.
August
Liverpool's centenary season began at Anfield on 17 August 1991, where they beat Oldham Athletic (in the top flight for the first time since 1923) 2–1 in the opening First Division game. The next game was a disappointment as they lost 2–1 to Manchester City at Maine Road, but highly rated 19-year-old midfielder Steve McManaman managed to score his first goal for the club in this game.
Record signing Dean Saunders found the net for the first time on 27 August, scoring the only goal of a 1–0 home win over Queen's Park Rangers, Saunders had also missed a penalty in the match at Manchester City.
The month ended on a high as the Reds triumphed 3–1 over Everton in the Merseyside derby at Anfield.
September
September saw Liverpool disappoint in the league, losing at Leeds United, drawing with Aston Villa and Sheffield Wednesday, and only managing a narrow win at newly promoted relegation favourites Notts County.
There was more success on the European front, as Liverpool marked the end of their six-year ban by defeating Kuusysi Lahti 6–1 in the UEFA Cup first round first leg at Anfield, with Dean Saunders scoring four goals and Ray Houghton scoring twice.
On 23 September, winger John Barnes, a key part in Liverpool's successes since his arrival in 1987, was told that he would be out of action until at least January due to an achilles tendon injury. Although he did make a brief return to the side in the new year, he was soon out of action again.
October
Graeme Souness pulled off one of the biggest transfer bargains of the season when he paid Crewe Alexandra £300,000 for full-back Rob Jones. Jones, who turned 20 a month after arriving at Anfield, broke into the Liverpool first team almost instantly, and was capped by England after just four months of First Division football.