The two veterans who have a combined age of 98 will no longer fight because their promoter Roger Levitt did not meet the deadline for paying the fighters' purses, according to Mr Foreman's brother Roy.

"George says it's off. They were supposed to have the money last week and they didn't have it. George gave them an extra week and they still didn't have it," he said.

Roger Levitt: "Financial machinations"

The fight ran into trouble a week ago when one of its major backers pulled out. Mr Levitt said a replacement backer had come forward and on Thursday he said he was going through "financial machinations" with the two fighters and that the letters of credit would be deposited by Monday.

But he then indicated he might need another extension.