Following the loss, Holyfield had entered negotiations with promoter Don King to face then-WBA heavyweight champion Roy Jones Jr. Jones' promoter claimed Holyfield was offered a $10 million purse, but negotiations fell through when Holyfield demanded an additional $2 million added on because he claimed King owed him such.

After the proposed Holyfield–Jones fight fell through, Holyfield instead reached an agreement to face Toney[3] Toney had won the IBF cruiserweight title in April by defeating Vassiliy Jirov, giving him his first major title since 1994 and making him a 3-division world champion as he had previously captured titles in both the middleweight and super middleweight divisions.

[4] Going in to the fight Holyfield was ranked as the 4th Heavyweight in the world by Ring magazine, as well as in the top 5 by both the WBC & IBF.

Holyfield would get back up, but his trainer Don Turner decided to stop the fight by throwing in the towel, automatically giving Toney the victory by technical knockout at 1:42 of the round.

"[8] Despite some interest in a rematch with Roy Jones Jr., Toney would have one more fight against Rydell Booker, before agreeing to face WBA champion John Ruiz.