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He also won the 1996 World Cup, charlotte fc jersey the UEFA Super Cup and the 1999 UEFA Intertoto Cup with Juventus. In nine years he has won 21 trophies, including three European Cup I, a UEFA Cup, six league titles and three League Cups in a row. The title was won again in the 1989/90 season and a year later all English clubs were allowed to play European football again. The following season, Liverpool finished third again, but the highlight of the season was the breakthrough of talent Michael Owen. For the following season Evans brought in one new player, goalkeeper Michael Stensgaard from Hvidovre IF for £300,000. The club then bought two new players: Phil Babb from Coventry City for 3.75 million pounds and John Scales (Wimbledon) for 3.5 million. During that season, the club was taken over by investment group DIC for £470 million. During his first season at the club, Souness did win the FA Cup, allowing Liverpool to participate in the European Cup Winners' Cup.

Liverpool was still not allowed to play in Europe because of the Heysel disaster. This final was later dubbed the "Gerrard Final", due to captain Steven Gerrard's impressive play. The 1986/87 season was a year without trophies for Liverpool, the club finished second behind Everton and lost the League Cup final to Arsenal. The 1988/89 season was overshadowed by the Hillsborough drama, a few years after the Heysel drama. A few weeks later, Graeme Souness took over as head coach from interim coach Ronnie Moran. Spaniard Rafael Benítez took over from Houllier in 2004. He led Valencia to a league title and UEFA Cup win the previous season and, according to the board, would be the right man to take Liverpool back to the top. In 2022, the competition is ranked third in UEFA's European competition ranking, based on the performance of Italian clubs in the UEFA Champions League, UEFA Europa League and UEFA Europa Conference League.

The following season, Liverpool did not qualify for the Champions League, but as the reigning champions of this tournament, the club was added to the first qualifying round. During the last game of the season, the club conceded 0-2 to Arsenal in stoppage time. He then scored five times for the Coca Cola Cup against Fulham in a 5-0 win. In the next round, Liverpool were knocked out by Wimbledon and in the FA Cup, the club lost to Bristol City. Subsequently, talent Robbie Fowler was allowed to make his debut and he immediately scored. Filippo Inzaghi scored twice and Dirk Kuijt was able to return something just in time, but the final was lost 2-1. The club also came a long way in the European Cup Winners' Cup, boca juniors jersey but lost to Paris Saint-Germain in the semi-finals. Liverpool had meanwhile fallen far behind leaders Arsenal and the club finished second. This duo fitted in well with the team and the following season Liverpool started to get into shape. Lloris conceded just 26 goals in the Premier League over an entire season. In the 1996/97 season, Liverpool topped the Premier League for a while, but the club finished fourth.

The same season, Liverpool were briefly in eleventh place in the league. Despite purchases such as Joe Cole, Christian Poulsen and Paul Konchesky, the club was tied for last place around October. The club never competed for the title all season and in March they were even briefly in fifteenth place. In 1931, Arsenal were the first clubs from the south and therefore the first London club to win the title. That year, the club won the European Super Cup, the battle for the World Cup for clubs was lost to São Paulo. Fathi Jamal became interim national coach, he had reached the semi-finals with Young Morocco at the 2005 World Cup under 20 years that was held in the Netherlands. Since then, the team has received more money from the national government. Souness had better luck with a number of youth players who moved on. Robbie Fowler, Dominic Matteo and Steve McManaman did well in the first team and Jamie Redknapp and Don Hutchison, who were still signed by Dalglish, also made their breakthrough under Souness' management. During this match, McManaman and Grobbelaar got into a fight. 63-year-old manager Joe Fagan took charge of Liverpool and in his first season made Liverpool the first English club to win three major trophies (League title, League Cup and European Cup) in a single season.