Has Man Utd Already Lost The League Title?

That Michael Owen has signed a two year contract with the champions is a very big shock to me. In jury prone Owen? You know, the most difficult thing for me to believe is the fact that Man Utd let Tevez, a world class striker go when we all saw what the guy can do.
I just wonder how next season will be like, if Man Utd will be as competitive as the likes of Chelsea, Liverpool,Arsenal and don't forget Man City.
God save UNITED.