The most expensive Senate race in Minnesota history looks like it may also end up its closest. With all precincts reporting, and nearly 3 million ballots counted, Norm Coleman eked out a miniscule 727-vote lead over Al Franken, according to the Minnesota Secretary of State’s Office. In statistical terms, that’s a 42.00 to 41.97 edge for the Republican. Independence Party candidate Dean Barkley garnered 15 percent of the vote and conceded defeat last night.

This means that under state law the race is headed for a recount. Franken just issued a statement making clear that he is not conceding the contest. “Let me be clear: This race is too close to call, and we do not yet know who won,” Franken said. “We are lucky enough to live in a state with built-in protections to ensure that in close elections like these, the will of the people is accurately reflected in the outcome.”

The challenger also raised the specter of voting irregularities that might have affected the results of the extraordinarily tight race. “There is reason to believe that the recount could change the vote tallies significantly,” Franken said in the statement. “Our office and the Obama campaign have received reports of irregularities at various precincts around the state. For instance, some polling places in Minneapolis ran out of registration materials. Our team has been working on those issues for several hours already, and they will continue to do so this morning as the recount process begins.”

The ultimate outcome, in other words, will likely be in limbo for weeks.