As Sir Alex Ferguson watched Ryan Giggs sprint towards the jubilant Manchester United supporters packed into one end of Wigan's JJB Stadium, a look of relief spread across his face.

Giggs had just scored the goal that wrapped up United's 17th English league title and its 10th during Ferguson's reign.

Despite holding a substantial lead over their London rivals at one stage, United had been made to sweat all the way to the finish line by Chelsea and eventually ended only two points clear.

Taking the title by such a narrow margin could be a sign of things to come in the Premier League as the global credit crunch begins to level the playing field.

Giggs' goal at Wigan was the prelude to an even more dramatic Champions League final penalty shoot-out win against Chelsea in Moscow 10 days later that capped one of United's greatest seasons.

That double triumph could be the start of another glorious era for United, but before the champagne corks had even stopped popping, Cristiano Ronaldo, whose 42 goals had played such a key role in United's success, took the fizz out of its celebrations by unsuccessfully pushing for a move to Real Madrid.

Ronaldo has cut a forlorn figure ever since and his erratic form in the second half of 2008 has added to the impression that he is still at United on sufferance only.

But Ferguson's men still ended the year newly crowned as FIFA's Club World Cup winners and returned from Japan with Liverpool and Chelsea within touching distance.

The most encouraging trend of the year has to be the way newly promoted Hull and Stoke have managed to make the critics eat their words.

After Derby's relegation in May with 11 points - an English top-flight record low - Stoke and Hull were widely regarded as certainties for relegation.

But both are clear of the bottom three and, not only was Hull's win at Arsenal one of the most memorable of the year, it also contributed to the spectacular outburst from Gunners captain William Gallas a few weeks later that revealed the extent of Arsene Wenger's problems at the Emirates Stadium.

On the field, the Premier League still has much to commend it.

United, Chelsea, Liverpool and Arsenal will all finish the year at the top end of the table again, but the emergence of Aston Villa as serious challengers to the big four underlines the closing gap between the league's superpowers and the chasing pack.

That Chelsea will start 2009 firmly in the title race is no surprise, but there are signs that the financial meltdown is starting to make life difficult for Luiz Felipe Scolari.

Scolari made an impressive start after replacing Avram Grant as Chelsea boss, but the Brazilian, who was furious that Manchester City out-bid the Blues for Robinho on transfer deadline day, has presided over a series of spluttering performances in recent weeks.

To make matters worse, Scolari has been told he must sell before he can buy after owner Roman Abramovich called a halt to the extravagant spending that has marked the Russian's time at Stamford Bridge.

Chelsea aren't alone in tightening their belts and only Manchester City, backed by their Abu Dhabi-based billionaire owners, will buck the trend and pay big money during the transfer window.

The financial implications of relegation from the Premier League are too catastrophic to contemplate now and inevitably chairmen are getting twitchy.

When Paul Ince was sacked by Blackburn after only 17 matches in charge, he became the sixth top-flight boss to lose his job this season.

Winning the League Cup in February wasn't enough to save Juande Ramos as Tottenham's form collapsed. Harry Redknapp, tempted by a crack at his first big club, left Portsmouth to replace the Spaniard and sparked a remarkable revival, while Kevin Keegan's second coming at Newcastle ended in acrimonious circumstances.

There is a lot more drama going on in the English Premier League. And Manchester United is sure to going to be a major actor.

Wigan manager Steve Bruce is determined to hang on to his best players.

Speculation has surrounded the future of England striker Emile Heskey, who is out of contract in the summer, and Latin American duo Antonio Valencia and Wilson Palacios are also being targeted by some European giants.

This week, Real Madrid were linked with a £15million move for Ecuadorian right-winger Valencia - a fee Bruce said was not enough - but there are other sides who are taking a look at Latics players.

"Last week when we were playing (against Blackburn) I think there were representatives from Bayern Munich, Real Madrid, AC Milan, Liverpool, Manchester United - that is normal with us because we have got some good players," said Bruce.

"We don't want to lose anyone but I am mindful the big boys are there.

"It just shows you how far this club has come that the giants of the world are looking at our players.

"We might not have the best of surroundings to do interviews, you might go to other places and have champagne and canapes - whereas here you get a mince pie and a cup of tea out of a machine - but the most important thing is what I have got on the pitch.

"I want to keep hold of them and add to the squad we have got."

Speculation about Heskey's future has rumbled on throughout the first half of the season but Bruce is optimistic the former Liverpool striker will remain loyal to Wigan.

"Emile Heskey is enjoying his football and has got back in the England team by playing for Wigan," added the Wigan boss.

"He thrives in the environment we are in and I haven't given up hope he will still sign.

"When he is here the whole thing revolves around Emile, the way we play, the style of play - we are all suited to Emile Heskey because that is our big strength.

"Other clubs might not think that way and might not get the best out of him.

"If I were him I would be thinking 'Can I have a swansong playing in the World Cup and can I still be England's number nine?'"

"I sincerely hope he doesn't leave. I hope none of them leaves because I'm building a really good team and keeping hold of them is not going to be easy."

A former target of Liverpool, Le Mans goalkeeper Yohann PelÈ, looks increasingly likely to swap the Sarthe region of France for the English Premier League in the coming weeks.

A veteran of nine years at his hometown club, PelÈ finally seems set to move on to one of Europe's biggest leagues. For several years the 26-year-old goalkeeper has been courted by clubs as big as Liverpool and it seems increasingly probable that England will be the stopper's destination.

A short-hop over 'la Manche' - the Channel - seems most likely, with Portsmouth rumoured to be interested in replacing the unpredictable figure of David James.

Previously, Le Mans' board had tried to distance themselves from such rumours but are now showing signs of relenting.

"The goalkeeper hasn't been as good in the last three or four games," Henri Legarda, the club's chairman, is quoted saying on the LFP's official website. "It's hardly surprising as he's got so many people wanting a piece of him at the moment.

"We're going to try and keep him, but I am always cautious when other clubs come calling. When they propose to quadruple his salary, we simply can't match that."

Having lost a glut of star players in the summer, Le Mans started the season in impressive form but has since struggled to find their rhythm, with a defeat against Grenoble on Sunday their latest low point. As a result, the Stade LÈon-BollÈe club are loath to allow any of their top names to leave.

"Our approach going into the winter transfer window is, 'No-one leaves, no-one comes in'," said Daniel Jeandupeux, who is an advisor to the president.

"As far as the goalkeeping position is concerned, we'll take our time as there is no hurry. Despite everything you read in the press, we have received no offers as yet."

Although Pele's form has dipped in the last couple of outings, his overall level of performance this season has been exceptional, culminating in a call-up to the French international side.