Liverpool's heroes took one of the most deserved laps of honour imaginable after a wonderful season - but it wasn't the end they'd really wanted for their final home game, their 60th match of the campaign.

They had wanted to celebrate Champions' League qualification but a stubborn, motivated Chelsea put an end to the dream of clinching the Premiership's third spot before Liverpool go into their cup final double.

Jimmy Floyd Hasselbaink twice struck exceptional goals to cancel another double from Michael Owen, his sixth in a week and 21st for the club this season.

But it just wasn't enough.

Liverpool struggled and strained, but they couldn't get that final winner that would have eased all the fears.

Now they must go to Charlton on the last day of the season - after the FA Cup and UEFA Cup final - and try to clinch third spot, knowing both Ipswich and Leeds still have a genuine chance of their own to pip Liverpool at the post.

The Kop rose to a team who have reached three cup finals, never before achieved by an English side in the same season, but it all had a hollow ring about it as Chelsea marched off, party poppers and with still work to do themselves on the last day to find their own European destiny.

It was a belting game, and there was no room now for chopping and changing with so much at stake.

Liverpool boss Gerard Houllier can't have been far off his FA Cup final line-up, only Patrik Berger in for Vladimir Smicer from the team that beat Newcastle on Saturday, the rest the same.

Chelsea replaced Gustavo Poyet with Sam Dalla Bona from the team that beat Everton at Stamford Bridge last time.

And they started with purpose and plenty of possession with Eidur Gudjohnsen and Gianfranco Zola finishing off neat moves with shots well wide.

But it was Liverpool who struck with clinical precision after just seven minutes through Owen, his 20th for the club this season and fifth in a week.

Gary McAllister fed Owen on the left, and the little striker found Berger square before scampering into space to receive the return pass and beat Carlo Cudicini with a neat chip.

Chelsea hit back six minutes later. Hasselbaink was allowed to drive from midfield after Owen had lost possession to Marcel Desailly, and there was still no challenge when the Dutch hitman lashed a fierce low drive from 30 yards that kicked just in front of Sander Westerveld. The keeper got hands onto the ball and will be furious for allowing it to skid into the bottom corner.

Owen almost redeemed himself with a close range shot that Cudicini blocked by a post, and a minute later the Italian 'keeper saved superbly at Emile Heskey's feet when he burst clean through.

But Chelsea were the better side at this stage, having plenty of success down the flanks, particularly the right with Dennis Wise and Mario Melchiot a constant threat.

Melchiot got past three men with some clever footwork to fire over a low cross that Hasselbaink and Dalla Bona failed to react quickly enough to.

Westerveld saved well by his right hand post from a Graeme Le Saux swerving free-kick as the Londoners continue to pin Liverpool back.

Liverpool were being stretched and forced into errors and Steven Gerrard's sloppy back pass without looking almost let in Hasselbaink for another, but the effort went wide.

Markus Babbel caused a flare-up when he fouled Zola and Hasselbaink went down like he'd been hit by sniper fire to the fury of the Anfield crowd.

After a long delay referee Dermot Gallagher booked Hasselbaink for diving and hadn't forgotten Babbel's part in the incident and brandished yellow at the German too.

Two minutes later Le Saux found himself in the book for clattering into McAllister.

On 55 minutes Westerveld did well to block a Gudjohnsen drive from close in, and Zola blasted the rebound over the top from the edge of the box.

Vladimir Smicer took over from Berger, Liverpool looking for that extra edge. It came when McAllister's corner from the right caused mayhem. Sami Hyypia smashed a rising shot into the face of John Terry, and the ball broke for Owen to hook powerfully home from inside the six yard box.

Desailly was unlucky to be booked as Owen tried to twist his way through again, McAllister attempting to persuade Gallagher not to bring out the yellow, to no avail.

But Chelsea wouldn't give it up, and Hasselbaink again pulled them level on 67 minutes, getting in behind Stephane Henchoz to bury a angled drive into the far bottom corner.

Gallagher was again in the middle of controversy when he penalised Cudicini for picking up a Le Saux pass into the box.

Chelsea were furious and after a lot of arguing, pushing, shoving and forcing the wall back, Owen's effort was kicked off the line by Hasselbaink, with the Chelsea 'keeper being booked for one complaint too many.

Danny Murphy was next on as Liverpool desperately battled for a winner.

Gerrard found space to fire just over the angle, and then Robbie Fowler came on for Heskey with nine minutes left.

Gudjohnsen responded with an 18-yard drive that Westerveld held after a rare Babbel error, while Gerrard again, this time from 25 yards after fighting for possession, forced Cudicini into another fine save.

Westerveld produced an amazing block to keep out a John Terry close range effort that would have won it for Chelsea, who still need points themselves to clinch UEFA Cup qualification.

Teams

Liverpool: Westerveld, Babbel, Henchoz, Hyypia, Carragher, Gerrard, Hamann (Murphy 72), Berger (Smicer 58), McAllister, Heskey (Fowler 81), Owen.

Subs Not Used: Arphexad, Vignal.

Booked: Babbel.

Goals: Owen 8, 60.

Chelsea: Cudicini, Melchiot, Desailly, Terry, Le Saux, Morris (Jokanovic 88), Dalla Bona, Wise, Zola (Poyet 90), Hasselbaink, Gudjohnsen (Babayaro 84).

Subs Not Used: de Goey, Leboeuf.

Booked: Hasselbaink, Le Saux, Desailly, Melchiot.

Goals: Hasselbaink 13, 67.

Att: 43,588.

Ref: M Riley (Leeds).