A current favorite of the British music press, Franz Ferdinand went into the ceremony as the odds on favorite to win. Bookies placed their odds at 3/1. 

The Mercury Music Prize was first handed out in 1992 (to Primal Scream) and amounts to a album of the year award for U.K. and Irish artists.  Other artists that were nominated this year include The Streets, Joss Stone, The Zutons, Snow Patrol, Keane, Belle and Sebastian and Amy Winehouse. 

With the Mercury under their belt, now Franz Ferdinand can look forward to the next big British award ceremony, The Short List, where they are also the odds on favorite. 

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