Marquez celebrating in some style with a foam number 1 - he's bouncing around with joy and the fans are celebrating his achievement with him! A great effort from the 17-year-old, and he's surely set for great things.
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Fiercrackers let off as Marquez wins on home soil! It's been a wonderful year for the Spanish riders in motorcycling - and in 125cc they've been devastatingly dominant.
A great win for Smith, who was undisturbed from the first corner, but Marquez drove a sensible race to protect his lead in the championship and take the title. Espargaro won the battle for second after a topsy-turvy race, and Marquez's rival takes third on the day.
MARQUEZ IS CHAMPION!
Espargaro and Terol swap places, and then swap back!
Marquez enjoying the last lap of the season, drifting leisurely around a few seconds behind the battle for second.
Into the final lap!
Terol is not letting Espargaro go in second - he's hot on his heels!
Yes he can! Espargaro takes advantage of the traffic to slip by for second! It had been a horrendous start to the weekend for Espargaro but he's finishing strongly!
Espargaro is sitting on the back wheel of Terol, but it's where he's been stranded for eight laps - can he make a move?
2.1 seconds the advantage for Smith as the laps drift away. There's all of 15 seconds separating Mraquez in fourth from Cortese in fifth.
Johann Zarco clashes with Marcel Schrotter and his race is over as he slides into the gravel!
Marquez has dropped half a second behind the battle between Espargaro and Terol.
Koyama has got ahead of Vazquez for 7th and Salom has passed Krummenacher to take 9th.
As it stands, Terol would have 300 points, Marquez 310 - that would do nicely.
Top 10: Smith, Terol, Espargaro, Marquez, Cortese, Rabat, Vazquez, Koyama, Krummenacher, Salom
No problems from Smith - he's built a 2.5 second advantage now.
Marquez chivvied on by the pit board holder, but the Spaniard would have to lose all of about forty seconds to slip out of the title-winning positions, and with less than seven laps left that looks very remote.
Terol has built the tiniest of cushions at the moment as Espargaro fails to get on terms with the second-placed man.
Marquez suddenly bursts into action and tries to go past Espargaro on the back straight - but Espargaro just shakes his head!
ESPARGARO THROUGH! MARQUEZ WAVES HIM ON! Is that just sensible riding from the would-be champion?
Espargaro so far is being watchful - there are still ten laps to go.
It looks like the proximity of Espargaro behind him is unsettling Marquez a little here - these three are separated by less than a second.
Marquez attempts a pass! Not a great one, Showing him a wheel, Marquez nudges in front but Terol closes the door.
Smith is riding serenely at the front here - undisturbed by the rest of the field.
Espargaro has closed the gap back up on Marquez - things could get interesting if the three Spaniards bunch up any further.
Cortese now ahead of Rabat for fifth - it's a good effort, but he's well behind the leading four.
Marquez is erring on the side of caution here - he might well have tried a pass on Terol by now had the championship not been on the line. He's clearly the faster man.
Webb has jumped up to 11th place - a great performance lower down the field.
Smith's lead at the front reaches a second. Chances are beginning to appear for Marquez to make a move for second, but so far he hasn't attempted to pass.
Cortese has nipped ahead of Vazquez and taken sixth position.
Espargaro has dropped well behind the battle for second - almost five seconds behind his compatriots Marquez and Terol.
Marquez is within striking distance of Terol now - it's going to take a rider error or a technical failure for the championship leader to be denied the title.
Only Spaniards have won races in the 125cc this season. Will Smith break the pattern in this final event of the year?
Smith's lead is 0.7 seconds, but it feels like a comfortable advantage over Terol. Marquez appears to be getting closer to the back wheel of his championship rival.
Brit-watch - Danny Webb is in the last scoring position in 15th, and Danny Kent has climbed to 17th.
Marquez now sets the fastest lap of the race - a 1:40.215 - the top four riders are the top four in the championship, each holding their position for now.
Smith is setting the pace, but Terol desperately needs to close him down and past him to have any hopes of the title. The last lap says they're lapping at the same speed.
Marquez has been coasting around after dropping a couple of places to third, but Espargarol is up to fourth now and hot on his trail.
Top 6 after four completed laps: Smith, Terol, Marquez, Espargarol, Rabat, Vazquez
Espargaro has burst into life - up to sixth already and setting the fastest lap of the race in the low 1:40s!
Not pretty, but Louis Rossi slides off track and into the gravel from lower in the field. He should be able to continue, though.
Espargaro has climbed back to seventh, but at the front the race has settled into a pattern for now.
Smith is disappearing into the distance already - an imperious start from the Brit, who has yet to win a race this year.
Disastrous start for Espargarol who has slipped from a disappointing fifth to tenth.
Looks like Smith has surged to the front - Terol is second and Marquez is third.
We're away! Marquez drops to third!
So to recap - if Marquez finishes anywhere between 1st and 8th the title is his. But the 125cc races have thrown up plenty of surprises this season.
As the warm-up lap starts, a quick reminder of the qualifying order - the top 10 is Marquez, Terol, Smith, Cortese, Espargaro, Rabat, Vazquez, Salom, Martin, Krummenacher.
It's a clear sunny day in Valencia for this one - temperature pushing up towards 20C.
We're five minutes away from the start of this race - final adjustments are being made and the entourages are slowly moving away from the grid.
Check out the story of qualification for today's race
Third on the grid today is Brit Bradley Smith, fourth in the championship. It's his last race at 125cc level before he joins Moto2 with Tech3 next year.
Terol, on the other hand, has been consistency personified - two wins, four second places and twice third in his last eight races.
It's Marc Marquez against Nico Terol in the final race of the season. Marquez has won four in a row after a nasty crash at the Aragon GP - and has a 17 point lead in the championship.
Good morning everyone, and welcome to LIVE updates from an enthralling day of motorcycling. First up is the 125cc race, and Marc Marquez is gunning for the title.