Evander Holyfield will ponder whether to return to the ring after failing to become the oldest heavyweight champion.
After 12 tight rounds, 'Russian Giant' Nikolai Valuev clinched a close majority decision, ahead 115-114 and 116-112 on two scorecards, while the third judge ruled it a 114-114 draw in Zurich.It was a spirited performance by the 46-year-old challenger, though, who almost clinched the heavyweight title for the fifth time.
Holyfield believes his display fully vindicated his decision to take part in the bout but he will return to the United States to reflect on the defeat and ponder his next move.
"I will go home and think about the future," he said. "But I knew I could still do it.
"I fought very well and won the fight but I did not get the decision. I think I showed tonight that I still can box and that age does not matter.
"It was a good fight and I did what my corner told me to do. It is difficult to fight Valuev because he is so big.
"He punches much faster than people think and it is hard to get close. But I am pleased with my performance tonight."
Holyfield believes he can still claim the heavyweight belt.
"I will not fight just to fight but I want to fight for a title again," he added. "It is still my goal to become the undisputed heavyweight champion."
Valuev said it was an honour to fight a legend like Holyfield.
"I am proud to have been in the same ring with him," he said. "He was very fast and hard to hit. I can only advise people not to get hit by him. I expected a tough fight and that is what it was. Holyfield is a great fighter and he proved it tonight."
Meanwhile, Holyfield's coach Tommy Brooks questioned the judges' decision.
"I do not know which fight they saw but there is no way Valuev won," he said.
"Evander did very well and he won this fight. It was a great performance by him."
Valuev's manager Wilfried Sauerland held a different view.
"It was a very close decision, a draw would have been all right," he said.
"Holyfield won the first six rounds and Niko won the back half of the fight.
"Nikolai is the champion and Holyfield did not fight like a challenger in the last six rounds.
"He did not try to hit Valuev but was only dancing and circling around the ring. That is not how you win a title."