Elbow's fourth album The Seldom Seen Kid has won the 2008 Mercury Music Prize.
The northwest quintet had been second favourite to claim the prize behind the secretive dubstep producer Burial but took the prestigious award having been nominated for the second time.
"This is quite literally the best thing that's ever happened to us," said frontman Guy Garvey after the announcement.
"We'd like to dedicate this award to our friend Bryan Glancy, because he was one of the greatest men that ever lived."
The Seldom Seen Kid is named after Glancy, a Mancunian singer-songwriter and friend of the band who died in 2006.
Talking to the BBC's Lauren Laverne following the relative surprise of the announcement, Garvey said the honour was "amazing".
Adele, Estelle, the Last Shadow Puppets and British Sea Power were among nominated acts to perform at the ceremony at London's Grosvenor House.
Follows in the footsteps of 2007 winner Klaxons, for their albums Myths of the Near Future, as well as the likes of Portishead, Gomez, Arctic Monkeys and Antony and the Johnsons.