'So many people lost money': Boxing great Jeff Fenech 'embarrassed' despite high praise for Mike Tyson

Jeff Fenech has offered plenty of support for long-time friend Mike Tyson after his return to the boxing ring on the weekend.

But the former world champion admits he was left "embarrassed" after predicting an early knockout victory for Tyson in his bout against Jake Paul.

After a 19-year absence from pro boxing, Tyson made a stunning comeback at the age of 58 to take on the controversial social media sensation Paul on Saturday (AEDT).

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While the fight failed to deliver, millions of people across the globe tuned in to see "Iron Mike" go about his business in the hopes of another highlight reel victory.

Unfortunately, his age and ring rust was on full display as Paul cruised to a comfortable unanimous decision win in front of a bumper crowd in Dallas, Texas.

Speaking to Nine's Today in the wake of the fight, Fenech admitted he was surprised by the outcome but believes Tyson's desire to get in shape at his age must not be ignored.

"Yeah I was [surprised]," the Australian legend said.

"I had so many people ring me and so many people lost money because of me - I'm pretty embarrassed.

"It may have been a terrible fight - but what he represented and what he was trying to do isn't just to show people he can fight, he's trying to show people that at 58 you can work hard. He's changed his whole life around and I think that's what it's about.

"The rest of the stuff far outweighs the fight."

Fenech and Tyson's friendship goes back more than two decades, with the "Marrickville Mauler" revealing the pair have spoken a few times since the fight.

And while Tyson claimed he still wants to compete again, Fenech urged against it and believes the former heavyweight world champ doesn't have anything left to prove.

"My advice would be that you don't have to do that again," he said.

"He's talking about being sick … but at 58 and working your body the way he did, it's very difficult to stay healthy. Sometimes you overdo it and burn your engine out.

"For me, I'm so proud of how Mike has changed his life around and over 100 million people watched at home. Although all us fight people can say what a terrible fight that was, most people think what a great job Mike Tyson did."