I'd say 65-35 is dominating. It means for the 90 minutes of football, nearly 60 minutes of it you have had the ball.

But 60-40 can still be dominating too if you have it in the right areas of the pitch.

i'd say united edged the possession

Dominating Possession
 

Just made this after hearing Dave Jones say "Manchester United dominated possession with 54% to Liverpool's 46%".....

I dunno, maybe I have a different understanding of the term given I regularly watch Barcelona get 70% plus most games, but what is dominating possession? I'd say it's if you get 66% or more you dominate possession, but to me a possession difference of 8-10% isn't strictly dominating it.

That's a better word. Though sometimes you have to consider the game. If we got that against....Wigan you'd be surprised Wigan had so much of the ball. But Liverpool is different, it's not dominating still, but it's acceptable possession.