Chelsea lost the Carling Cup final to Tottenham Hotspur last month and last night they may also have surrendered their best chance of claiming the Barclays Premier League title when they led the same opponents three times yet failed to win.

Ahead 1-0, 3-1 and 4-3, Chelsea conceded a goal two minutes from time to draw 4-4 when victory would have taken them level with Arsenal in second place. As it is, they trail Manchester United by five points after Sir Alex Ferguson’s side beat Bolton Wanderers 2-0, Cristiano Ronaldo — captaining the side for the first time — taking his tally for the season to 33 with two more goals, the second another from his collection of magnificent free kicks.

Now quoted at 2-5 by William Hill, the bookmaker, to land their tenth championship in 16 seasons, victory for United over Liverpool on Sunday, also at Old Trafford, would lead to their odds being shortened even further, especially if a win was coupled with a draw between Chelsea and Arsenal at Stamford Bridge later in the day.

There would be few long faces at White Hart Lane if Chelsea’s pursuit of the leaders were to come up short. The animosity between the clubs was hardly improved when Ashley Cole, the Chelsea left back, was guilty of a nasty lunge on Alan Hutton. The England defender could consider himself extremely fortunate only to be booked by Mike Riley, the referee, when a red card would have led to a suspension during the run-in.

Avram Grant was in no mood to concede the title, however. “We are still in the race and we’ll continue fighting,” the Chelsea first-team coach said. “Every game in which we drop points is a big game. It’s very disappointing. We came with so many positives to take from this game, but we didn’t win.”

Neither was Ferguson taking anything for granted. “I think it will go to the wire,” the United manager said. “I think Chelsea hold the key. They have Arsenal and ourselves at home and their home record is very good.”

Chelsea had taken an early lead when Didier Drogba headed home. Jonathan Woodgate equalised within nine minutes, but the match seemed over when Michael Essien and Joe Cole made it 3-1 to the visiting side early in the second half.

Dimitar Berbatov and Tom Huddlestone dragged Spurs level only for Joe Cole to score his second goal with ten minutes left, but Robbie Keane curled in a brilliant late equaliser after the ball had dropped kindly off Ricardo Carvalho’s back — and they might even have won, Berbatov squandering an inviting opening with the final whistle imminent.

“The team believed in themselves and scoring the goal to make it 3-2 made things a bit more open and possible,” Juande Ramos, the Tottenham head coach, said. “We went looking for a victory and we could have scored that fifth goal. It wasn’t to be, but I’m happy with the spirit and endeavour of the players.”