The fight had been postponed one day because of rain.
Graziano was a 12 to 5 favorite.
There was a crowd of 21,497 at Ruppert Stadium.
The gross gate was $335,646, radio rights were $45,000, and movie rights were $25,000. Television was banned by the promoters.
Graziano was assured a purse of $120,000 and Zale $60,000.
Zale decked Graziano with a left hook for a 3-count in the first round. Graziano was hurt by a right in the second round but came back and hurt Zale with his own right. In the third round, Zale dropped Graziano for a seven-count with a left hook. Shortly after getting up, Graziano was knocked cold by a left hook to the jaw and counted out.
Zale became the third boxer to regain the World Middleweight Championship. Stanley Ketchel and Al Hostak were the other two.

Rocky Graziano vs Tony Zale III

On February 7, 1947, the New York State Athletic Commission revoked Graziano's boxing license and canceled his forthcoming title rematch with Zale for his failure to report a $100,000 bribe offer. The fight, originally scheduled for March 21 at Madison Square Garden, was rescheduled for Chicago Stadium on July 16.
There was a crowd of 18,547 at Chicago Stadium.
In the second round, Zale opened a severe cut over Graziano's left eye. In the third round, a solid right dropped Graziano for no count. Zale pummeled Graziano against the ropes as the round ended. Round four brought more of the same punishment to Graziano, whose right eye was now swollen shut. In between the fourth and fifth rounds, Whitey Bimstein, Graziano’s trainer and cut man, took a coin and pressed it against his closed right eye, breaking the skin and reducing the pressure. This allowed Graziano to partially regain his vision. In the sixth round, a barrage of Graziano rights dropped Zale. When he rose, Graziano drove him to the ropes, draping him over them under a hail of punches. Referee Johnny Behr stopped the bout at 2:10, and Graziano was the new World Middleweight Champion.
Named The Ring Fight of the Year.
The Ring ranked the fight second on their 1996 list The 100 Greatest Title Fights of All-Time.
The first two fights between Zale and Graziano are considered two of the greatest fights of all-time, but there was no known film of either fight. Fortunately, some footage of the second fight eventually surfaced.

Rocky Graziano vs Tony Zale III

Tony Zale vs Rocky Graziano II

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