In September 1992, Elliott sustained a serious knee injury, resulting from a challenge by Liverpool's Dean Saunders. He never played again and on 10 May 1994 – just four days before Chelsea lost to Manchester United in their first FA Cup final since 1970 – Elliott announced his retirement after failing to recover from the injury.[5] Player and club had been confident of a return to action in 1993–94 and he had been issued with the number 22 shirt with the introduction of squad numbers in the FA Premier League.[6]
Just after his retirement, Elliott filed a lawsuit against Saunders seeking damages for the career-ending injury. However, he lost the case when a civil court found that Saunders was not at fault.[7] Elliott was often a pundit on Football Italia.[citation needed]
Elliott resigned from his roles with The FA, as a member of the Association's Judicial Panel and as a nominated member of UEFA committees on 23 February 2013. He also left his role at Kick It Out. The FA accepted his resignation following a reported text conversation in which "discriminatory abusive comments" were made to fellow former footballer Richard Rufus.[11] On 15 July 2014, Elliott rejoined the Inclusion Advisory Board.[12]
Elliott was a victim of Rufus's multi-million-pound investment fraud, for which Rufus was jailed for seven and a half years in 2023.[13]