Green won via a split points decision at Adelaide Oval on Friday night, exacting belated revenge for his 2006 loss to Mundine.

The 43-year-old West Australian triumphed in a desperately tight fight, which the judges scored 94-94; 96-94 and 98-90, in what is expected to be the final fight of both boxers' careers.

After taking the bout, Green had a message for the country.

"I want to say ... this has nothing to do with black or white – this is a fight, it is sport," he said. "That has nothing to do with colour! I won the fight against another man – that's it.

"And that just feels so good. I'm an old man but I gave it my best. I just want to pay a special tribute – I want everyone in here to raise their hands and clap. 

"I don't care what you think, but for putting on a show for all you guys, for being one of the best athletes in the country – hands up for Anthony Mundine now please!" 

Green capitalised on his weight advantage of up to four kilograms against Mundine, his strength countering Mundine's trademark speed in a largely even bout.

Whether Mundine made good on his pledge to refuse to stand for the national anthem before the bout was unknown as both fighters remained in their dressing rooms while Advance Australia Fair was sung.

Within 30 seconds of the fight getting underway, Green crumbled from a cheap shot from Mundine, who cracked him in the jaw when his rival wasn't looking as the referee attempted to break the fighters.

Green was dazed and examined by the ringside doctor before the fight continued - both fighters traded equal blows in the initial four rounds, none overly damaging though Green did land two telling uppercuts.

Mundine, in his first fight since November 2015 and subsequent hip surgery, clipped Green with a sweet right in the fifth but there was little to split the ageing boxers.

Mundine struck with two powerful rights in the seventh round, during which Green was penalised for continued use of his elbow.

Green started the eighth strongly but also received a brief flurry from Mundine when on the ropes and the ninth and 10th were also desperately tight rounds.

Both fighters will pocket up to $10 million each from the bout between the four- time world champion Green and three-time world champion Mundine.

And while both are past their prime, the end to their bitter rivalry was watched by the second-largest pay-per-view television audience reported in Australia - eclipsed only by their stoush 11 years ago.

AAP, Fairfax Media