Evander Holyfield came within two feet of becoming the oldest world heavyweight champion in history. That was the distance by which his wild left hook missed in the final seconds of his bout against Nikolay Valuev at the Hallenstadion on Saturday night. Had he landed, he probably would have won, becoming heavyweight champion for the fifth time. Sport is often all about the inches.

Instead, Holyfield, 46 years, two months and a day old, got to fly back to the United States a beaten man, but a defiant one, with members of his team crying foul.

Valuev, 11 years his junior, 10in taller and 7st heavier, retained the WBA heavyweight title by a majority decision, but it took a close inspection of the cards to realise how near Holyfield came to achieving the most unlikely of wins.

Two of the judges had it so close that had Holyfield won the final round, he would have won back the title he first lifted 18 years ago. One judge, Guillermo Pérez, had it 114-114, the other two, Mikael Hook and Pierluigi Poppi, scored it to Valuev, 115-114 and 116-112 respectively.

It did not seem that close. Despite the overwhelmingly sympathetic backing of the crowd, Valuev looked a clear winner of what was a dreadfully dull bout, having dominated the final six rounds. But it was not the easiest of contests to score because there was so little action.

“Evander followed the fight plan we put together and I think he pulled it off,” Tommy Brooks, Holyfield's trainer, said. “Our thing was not to get hit, to keep moving, make him turn.”

Wilfried Sauerland, Valuev's promoter, disagreed. “In the second half of the fight, Holyfield moved around a lot but did not throw many punches,” he said. “He was the challenger, you can't win a fight without throwing any punches.”

The complaints of his team and the support of the sold-out crowd of 12,200 gave Holyfield a reason to see no end to his career any time soon. As the post-bout press conference wound on into the early hours, both sides were talking of a rematch. The ghost of boxing past looks to have a few more hauntings planned yet.

“He's the best he's been in 10 years,” Ken Sanders, Holyfield's promoter, said. “We're very excited. I thought he was phenomenal. We would like to have a rematch in Zurich. The crowd here was fantastic.”

Holyfield did not give any firm assurance that he would box on, but it seems inconceivable that he will not. “I will go home and rest,” he said. “It's Christmas time, hopefully something will come along for a title. I'm not interested in just fighting to have a fight. My goal is to be undisputed heavyweight champion and it hasn't changed yet.”

He will continue to get opportunities because the modern heavyweight scene, which is dominated by Eastern Europeans, is bereft of characters, if not talent. Valuev underperformed terribly, but there seems little hope that Holyfield could do better next time.

The 7ft Russian, who has appeared in some movies of late, would make a classic Bond villain, his hulking appearance paired with a seeming lack of emotion. Only he appears to hate playing the bad guy, even though he seems to be constantly booed whomever he boxes.

Holyfield initially made no claim to have won the bout, only changing his mind after other people disputed the verdict on his behalf. He also seemed to blame the negative tactics for his loss. “I guess I thought I did everything necessary to win,” Holyfield said. “I'm one of those people who when I hit the guy I go toe to toe, but my corner told me not to do that. At any given time, I will go toe to toe with anyone. He crowded me so much at times I couldn't get my hands up.”

The Holyfield plan was to engage as little as possible, ensuring that he could last the 12 rounds. At the start of the first round, Holyfield started retreating, something he continued to do apart from a few moments when he would dive in with punches. Valuev plodded after him and frequently appeared frustrated, throwing his arms to his side in disgust. Valuev's range is enormous, but Holyfield was constantly 6ft beyond it.

Occasionally, Holyfield would dart forwards and throw a flurry or a single shot. Some landed, some did not, everything was cheered by the crowd, although Valuev dismissed the punches with a shrug. By the sixth round, Valuev began to find his range. The jab was pawing, but the right cross began to find its mark. In the second half of the bout, Holyfield's efforts, which had been sporadic at best, almost petered out. At the final bell, Holyfield did not appear to believe he had won, Valuev raised his fist and was booed.

“It was a very tough fight,” Valuev said. “I'm proud to have fought him. It was a high-tempo fight and there was a lot of pressure.”

“His hands are not as slow as a lot of people people think,” Holyfield said. “He has a pretty good defence. It's hard when you step up so close that when you throw a body shot it goes low and when you throw too high it catches his arm.”

But it came down to the final three minutes. Holyfield threw a burst early on that landed, but was then warned for a low blow. Valuev then tracked Holyfield down to the ropes, where he landed several clubbing shots up close.

As the Russian backed away, Holyfield put everything into that last left hook. It hit air. The chance was gone.

Who's who in the heavyweight division

Wladimir Klitschko (32): The WBO, IBF and IBO champion from Ukraine is an effective if not exciting boxer regarded as the world's best. Due to defend against Alexander Povetkin by September.

Vitali Klitschko (37): Returned from four years away to regain his WBC title from Samuel Peter in October. Has signed to face David Haye in June, but could forfeit the belt because he has been told to face Juan Carlos Gomez.

Nikolay Valuev (35): The WBA champion from Russia. Blotted his record with a substandard display against Holyfield and must face Ruslan Chagaev by the end of June.

David Haye (28): Former world cruiserweight champion and great British hope. Has an agreement to challenge Vitali Klitschko in June.

Alexander Povetkin (29): The 2004 Olympic super-heavyweight champion, but an ankle injury forced the cancellation of his bout against Wladimir Klitschko.

Juan Carlos Gómez (35): Cuban exile based in Germany is the WBC's mandatory contender. But may end up boxing for a vacant title if Vitali Klitscho faces Haye.

Ruslan Chagaev (30): Beat Valuev for the WBA title in 2007, but was forced to vacate because of injury.

Evander Holyfield (46): Four-times world heavyweight champion breathed new life into his sagging career by running Valuev close on Saturday. Could have a rematch.

Chris Arreola (27): Californian who is unbeaten in 26 bouts and the best hope for the United States.

Matt Skelton (40): Failed in an attempt to win the WBA title in January, but the Briton could be in line for some big fights in 2009.

Words by Ron Lewis