The fiery Scotsman was a surprising purchase by Kenny Dalglish, brought in to inject energy and goals into the side as the Reds chased another league title. Speedie arrived only three weeks before King Kenny announced his resignation on 22 February 1991. Liverpool was Speedie's fifth Football League club where had enjoyed most success with Chelsea winning the second division and finishing sixth in two consecutive seasons in the first division. He formed a lethal partnership with Kerry Dixon at Stamford Bridge and netted 47 goals in 162 league games from 1982-1987. Speedie left for Coventry City where he continued to impress in the top division. He thought that his chance to join a top club had passed him by but grabbed the opportunity with both hands when Liverpool came calling: "It was third time Kenny had tried to buy me," Speedie revealed. "He had tried before when I was at Chelsea and Coventry. I nearly joined in 86/87." Chelsea Chairman, Ken Bates, didn't want to let Speedie go at the time, but a second chance had presented itself four seasons later.

Speedie started his Anfield career in explosive fashion. He scored an equalizer at Manchester United on his debut and gained immense popularity by scoring twice in four minutes in the Merseyside derby on his home debut a week later. His brief career at Liverpool can hardly be called a failure because he scored in every other league game, a total of six in 12 matches from the time of his signing until the final day of the 1990/91 season. Speedie was one of numerous casualties of the early days of the Graeme Souness era. Known for his outspoken nature, Speedie didn’t hide his frustrations and reportedly after hurtling a few expletives in Souness' direction, his Liverpool career was over. He left Anfield in the summer of 1991 to join Blackburn Rovers, where he was reunited with Dalglish a couple of months later.

Speedie's single season at Blackburn was a fantastic success, scoring 23 goals in 36 league games as Rovers were promoted to the Premier League. The long list of Football League clubs who had Speedie as a registered player continued to grow. After leaving Leicester at the end of the 1993/94 season, Speedie featured for a number of non-league clubs before retiring as a player to work as a football agent where his most notable client was Steve Simonsen. He quit his profession after he divorced his wife, giving her his license, later claiming it was the biggest mistake of his life. Speedie played for Harworth Colliery Institute in 2007 and amazingly took out his boots again in 2011 featuring for Francis AFC in the third division of the Dublin's United Churches League. In addition to his apparent wanderlust, he also had problems with his temperament, which frequently drew him into confrontation with opponents, teammates and officials.

Though his stay at Liverpool was short, Speedie is still remembered for the passion and impact he brought in those few months - particularly for his match-winning performance in the Merseyside derby that cemented his place in club folklore.