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Aston Villa led 2-0 when Chelsea were awarded a penalty on the stroke of half-time following an incident that saw Knight sent-off for a foul on Ballack.
And Villa boss Martin O'Neill was unhappy with the performance of the referee.
O'Neill felt the first-half penalty and the free-kick from which Ballack put Chelsea 4-3 up should not have been awarded.
"There wasn't one decision we got. If we get the next 15 it will only semi-make up for it," he insisted.
"We were playing brilliantly. We deserved to be 2-0 in front but the penalty was really dubious and it's a major point in the game.
"Suddenly it's 2-1, we've got a man sent off and play the whole of the second half with 10 men.
"It was never a free-kick (before Ballack's goal). Amazingly, I thought the referee might give it but never in a month of Sundays was it a free-kick and they scored from it."
O'Neill was also unhappy about Phil Dowd's role in the last-gasp penalty awarded to Villa for Cole's handling on the line.
"The referee didn't see it and the linesman spotted it - I'm grateful for him spotting a straightforward decision and I'm so grateful linesmen have spotted things they should spot," the Villa manager added.
"We were absolutely terrific and deserved it and even now I don't know if I'm delighted to get a point in the last minute of the game or whether I'm disappointed that we haven't won."