London (CNN) -- Manchester City won their first league title in 44 years to deny rivals Manchester United a 20th league championship in a gripping conclusion to the English Premier League season.
Defending champions United, who secured a 1-0 away win at Sunderland thanks to a Wayne Rooney goal, had looked on course to win the title before City scored two remarkable stoppage-time goals to fashion an improbable 3-2 home victory against Queens Park Rangers.
City had led the table on goal difference at the start of Sunday and Pablo Zabaleta's first-half goal suggested Roberto Mancini's side would comfortably win their first title since 1968.
But a mistake by Joleon Lescott allowed Djibril Cisse to level and following a red card for QPR midfielder Joey Barton, Jamie Mackie popped up to head in the visitors' second goal to give United fans hope that their team might yet snatch the title from their city rivals.
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City bombarded the QPR penalty area and in stoppage time Edin Dzeko headed home to give their fans hope, before Sergio Aguero scored a stunning individual winner in a finale that no script writer would have dared pen.
It was a goal that ensured City won the title on goal difference in the Premier League's 20th season, arguably the most dramatic finish in its history given it was decided in the last three minutes.
"To win it like this is incredible," Mancini, who at times during the second half gave the impression he could barely believe his side appeared to be doing all they could to throw away the title, told Sky Sports. "I don't think I've ever seen a finale like this.
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"We didn't deserve to lose, we had a lot of chances and we deserved to win the game and championship.
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"It's fantastic for the club and the supporters after 44 years. It's been a crazy season and a crazy last minute."
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In 1999 United won the Champions League final with two stoppage-time goals against Bayern Munich in Barcelona and Sunday's epic events bore parallel, though this time the Red Devils manager Sir Alex Ferguson had to suffer as victory was snatched away from him in those heart-palpitating final moments.
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"I would like to say on behalf of Manchester United congratulations to our neighbours," said Ferguson. "It's a fantastic achievement to win the Premier League. It's the hardest league in the world and anyone who wins it deserves it."
The rollercoaster game at the Eithad Stadium that wrung every ounce of emotion out of both City and QPR fans had consequences at the other end of the table given a Rangers defeat would have condemned them to relegation if Bolton Wanderers had beaten Stoke City away - and at one stage Owen Coyle's side led 2-1 at the Britannia Stadium.
But a 77th-minute Jonathan Walters goal earned Stoke a 2-2 draw to relegate Bolton to the Championship and allow QPR - managed by former Manchester City manager Mark Hughes - to stay up in the Premier League.
Arsenal finished third after a 3-2 win at West Brom to secure their Champions League place, while north London rivals Tottenham Hotspur beat Fulham 2-0 to take fourth.
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Spurs will join Arsenal in the Champions League only if Chelsea lose to Bayern Munich in the European Cup final on May 19.
Newcastle's hopes of a Champions League place evaporated after a 3-1 defeat at Everton, though Alan Pardew's team have the consolation of a Europa League place.
It is estimated that Manchester City's owner Sheikh Mansour from the ruling family of Abu Dhabi in the United Arab Emirates has invested close to $1.6 billion in securing this Premier League title.
The title gives City's owners huge kudos, though not necessarily immediate financial benefits.
"It should be remembered that there is a price of success, namely bonus payments to players and managers," financial blogger Kieron O'Connor, who writes the Swiss Ramble blog, told CNN.
"In fact, it is entirely possible that the net financial result might be negative for a direct comparison between finishing first or second, though it might be different if the comparison is against coming, say, sixth the previous season."
It is a title that City probably should have wrapped up a long time ago.
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Barcelona's players are the best paid in the world according to a new report. The team kept its No. 1 place on the earnings table with each player taking home an average annual salary of $8.6 million (£5.2 million). That's a whopping $166,934 (£101,160) per week and a 10% rise on last year.
Spanish football teams continued to dominate the rankings, with Real Madrid keeping its No. 2 spot. It's players earned an average $7.7 million (£4.7 million) - a 6% rise on last year. Cristiano Ronaldo became the most expensive footballer in history in 2009 after moving from Manchester United to Real Madrid in a six-year deal worth $129 million (£80 million).
Manchester City moved up the rankings from 10th last year to 3rd in 2012, thanks to an average annual salary of $7.4 million for its players. It's a 26% increase on last year and demonstrates the wealth of the English club's owner Sheikh Monsour.
Russian billionaire Roman Abromovich's Chelsea team climbed the rankings from sixth to fourth, with players earning around $6.7 million a year -- the equivalent of $130,690 a week.
The first non-soccer entry in the rich list is the LA Lakers. The Americans are also the only bastketballers in the top 10, with players taking home $6.2 million annually -- about $120,732 per week.
Baseball's New York Yankees have continued to fall in the rankings -- dropping from No. 1 in 2010 to sixth this year. But the MLB team's players can still take comfort from an average yearly salary of $6.1 million -- around £118,968 a week.
Former Italian Prime Minister Silvio Berlusconi pumped even more money into his football club AC Milan last year. The Serie A champions rose from 14th in the list with players enjoying a yearly salary of $6.1 million, pocketing $117,399 per week.
Also rising in the rich list was Germany's Bayern Munich, up from 12th place last year. Players boasted a yearly salary of $5.9 million, taking home $113,609 a week.