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Honda's Italian rider was in dominant form, and led second-placed Sete Gibernau throughout the closing stages.

It was Rossi's ninth win of the season, and ensured the 24-year-old broke his own record for the most points in winning the title.

Rossi also extended his run of podium finishes to 22, equalling Giacomo Agostini's all-time record.

"The race was hard because Sete was in good shape and he was very fast," said Rossi.

"But I was able to take a small advantage and I was able to win. Everything was good this weekend."

Gibernau finished second in the final championship standings, with Italian Max Biaggi in third.

Ducati rider Loris Capirossi finished third in Valencia to seal the runners-up position behind Honda in the manufacturers' championship in their debut season in MotoGP.

Northern Ireland's Jeremy McWilliams took 12th place in the race which secured him 18th in the points standings.

Earlier, Manuel Poggiali took the 250cc world title after finishing third behind race winner Randy de Puniet.

The Aprilia rider needed to prevent Roberto Rolfo from outscoring him by eight points to claim the crown in his debut season in 250cc racing.

It was a second world title for the San Marino rider after his 125cc triumph in 2001.

De Puniet held off Toni Elias for his third win of the season.

Australian teenager Casey Stoner won a thrilling duel with Hector Barbera for his first Grand Prix victory in the 125cc race at Valencia on Sunday.

The championship had already been won by Daniel Pedrosa.

Valencia MotoGP results:
1. Valentino Rossi (Ita) Honda 47 minutes 13.078 seconds
2. Sete Gibernau (Spa) Honda 47:13.759
3. Loris Capirossi (Ita) Ducati 47:24.305
4. Max Biaggi (Ita) Honda 47:29.371
5. Carlos Checa (Spa) Yamaha 47:33.946
6. Alex Barros (Bra) Yamaha 47:43.929
7. Troy Bayliss (Aus) Ducati 47:50.848
8. Colin Edwards (US) Aprilia 47:52.000
9. Norick Abe (Jap) Yamaha 47:53.307
10. Makoto Tamada (Jap) Honda 47:59.578

Final MotoGP championship standings:
1. V Rossi 395 points
2. S Gibernau 277pts
3. M Biaggi 228pts
4. L Capirossi 177pts
5. N Hayden 130pts

MotoGP constructors' standings:
1. Honda 395 points
2. Ducati 225pts
3. Yamaha 175pts
4. Aprilia 81pts
5. Suzuki 43pts