Ray Mercer vs. Larry Holmes, billed as The Last Stand, was a professional boxing match contested on February 7, 1992.

The victory made Mercer one of the top fighters in the heavyweight division and he quickly vacated the then less regarded WBO title in order to face 42-year-old ex-heavyweight champion Larry Holmes in a match to determine who would next meet Evander Holyfield for the IBF, WBA and WBC versions of the Heavyweight Championship.

In April 1991, Holmes launched a comeback[2] and he proceeded to defeat five unknowns through the course of the year before agreeing to face Mercer in February 1992.

Towards the end of the round, Holmes stood with his back against one of the corners and was able to land a few right hands to Mercer's head while using that strategy.

[8] Ray Mercer returned from his defeat to win his next two fights and eventually earned another chance at receiving a World title shot when he agreed to meet WBA/IBF champion Riddick Bowe.

In what was supposed to be a tuneup before his title match with Bowe, Mercer fought journeyman Jesse Ferguson on February 6, 1993 on the undercard of the Riddick Bowe–Michael Dokes championship fight.