Darren Caskey's flying 77th minute header denied Liverpool their first away league win since August as Tottenham battled back from conceding three goals in six minutes.
Robbie Fowler, the teenager who has done more than anyone to keep Anfield boss Graeme Souness' head above water, scored twice more to take his tally to 14 in 17 games and turn the game on its head.
But Spurs, who had led through Vinny Samways, got back in the game with a penalty, then celebrated as David Kerslake surged down the right and provided an inch-perfect cross for Caskey to throw himself at, the 19-year-old scoring his third goal of the season.
Both clubs have their troubles on and off the pitch, but this was a triumph for youth in difficult wet and windy conditions. There were nine players aged 22 or under in the two starting line-ups and all played their part in the outstanding entertainment. Significantly, eight of them were English.
It was strange that it took so long to break the deadlock with both sides creating chances from flowing one-touch football. Ironically, the opening goal came down 'route one' in the 36th minute. Goalkeeper Erik Thorsvedt's long clearance was headed into the path of the unmarked Samways by Jason Dozzell and he ran on to drill in his first goal of the season.
Souness responded by sending on Nigel Clough for his longest run in 11 games as a second-half replacement for John Barnes. Within four minutes Clough made a telling point with a through ball completely missed by the hapless Colin Calderwood. It left Fowler free to run on and equalise.
Kerslake's foul on Fowler in the 51st minute gave Jamie Redknapp a free-kick which he curled from 20 yards against the inside of the near post, the ball ending up in the net off the flailing body of the Norwegian keeper.
Spurs' collapse was complete when Steve Sedgley fouled Ian Rush in the 55th minute, Fowler sending the keeper the wrong way from the spot.
But in the 68th minute Redknapp tripped Nick Barmby and from the spot Micky Hazard scored his first goal for Spurs since his return from Swindon. Spurs felt they should have had another penalty for Steve Nicol's foul on Justin Edinburgh while Dozzell missed a good chance soon after, but in the end Spurs deserved their point.
Graeme Souness and Ossie Ardiles were united in hailing the draw as a game to put a smile on the face of English football.
Souness, showing few signs of the pressure he has been under since the Coca-Cola Cup exit at Wimbledon said: "It was a wonderful game of football - there were no losers and the real winners were those who were here to watch it. No one deserves to lose. It was a very exciting game with lots of goals and played in good spirit. We started brightly but Tottenham had us on the rack once or twice and we conceded a goal that we're not particularly happy with in terms of our own defending. But we came out in the second half and played very well. Robbie Fowler was very exciting - but that's how he's been playing week in and week out."
Souness added: "They came after us but there was no way the team we had out could have sat back - we have too many youngsters in there."
Spurs manager Ardiles said: "That was some game, a wonderful advert for English football, especially in the conditions."
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