In 1950 Walcott won his first four matches of the year, only to lose to Rex Layne on November 24. He also lost his first rematch with Charles on March 7, 1951. But on July 18, 1951, Walcott made boxing history when he knocked out Charles in the seventh round to become the oldest boxer ever to win the world heavyweight title. In 1952, Walcott fought a series of exhibition bouts with Jackie Burke before squaring off against Charles once again on June 5. Walcott successfully defended his title, winning a fifteen-round decision over Charles. Just over three months later, however,
Rocky Marciano knocked out Walcott in the 13th round to take the heavyweight title. In a rematch with Marciano on May 15, 1953, Walcott was knocked out in the first round. Just after his second defeat by Marciano, Walcott announced his retirement from boxing.
Walcott continued to live in the Camden area after leaving boxing. Shortly after retiring from the ring, he took a job as a parole officer for juvenile offenders. He later had a brief stint as a boxing referee, officiating at the second match between Cassius Clay (before changing his name to Muhammad Ali) and Sonny Liston. He was widely criticized for his handling of the match. In the early 1980s, Walcott was appointed chairman of the New Jersey State Athletic Commission. During the course of his time on the commission, charges surfaced that Walcott had accepted bribes from undercover agents.
Walcott died at the age of 80 on February 25, 1994, in Camden, N.J. In one of his last public appearances, Walcott traveled across the Delaware River to Philadelphia in 1992 to attend the first outdoor professional boxing show since the 1950s. Speaking haltingly to the assembled crowd, Walcott said, "I tried to be a champion for everybody. I did my best. I tried to make a way for our young people." The deafening applause was proof that in the minds of the spectators anyway Walcott had succeeded.
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