Evander Holyfield failed narrowly to become the oldest heavyweight champion of all time as Nikolai Valuev clinched a close majority decision in Switzerland.

After 12 tight rounds, the 'Russian Giant' was ahead 115-114 and 116-112 on two scorecards, while the third judge ruled it a 114-114 draw.

It was a spirited performance by the 46-year-old challenger, though, who almost clinched the heavyweight title for the fifth time.

The 'Real Deal' received a rapturous reception from the sell-out crowd of 12,500 fans in Zurich, who cheered every time the American launched an attack.

With Valuev controlling the centre of the ring in the opening rounds, Holyfield danced around his opponent, hitting with occasional single shots.

The four-time champion did well to stay away from Valuevs long left jab and hit him with a big left in the fourth, ombination to the body and later connected with a big left hook to the head.

Both men were on target during a mid-round exchange in the sixth, but Valuev's left jab looked more effective in the sixth.

In the seventh, the crowd raised the roof when Holyfield fired inlly landed a strong right in the eighth when Holyfield seemed to tire a little.

The Russian remained on the front foot as there was a big exchange during the ninth, and in the 10th Holyfield then landed a strong right-left combination. Valuev finished better and pushed his opponent in the corner in the 12th .

After the final bell rang, both men hugged each other, with either fighter claiming the win.

When the scorecards were read, boos rang out as the crowd favourite's narrow defeat was confirmed.