He helped Charlton stay in the First Division until 1990 when they were relegated. Nevertheless, he remained with the club and etched his name into Addicks history in 1992. Charlton were playing their first game back at The Valley against Portsmouth on 5 December 1992 and Walsh scored the only goal to give Charlton a 1–0 win. This historical goal is memorized in a banner in The Valley's north stand carrying Walsh's name and the time of the goal. A very popular player with supporters, Walsh remained with the club until 1996 to complete a decade of service to Charlton before retiring.
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