I don't know who lost, but when one of them was knocked out of the ring, Ol' Pervy was declared the winner when she fell on to my ringside seat (And on ME!) in a typical Rito Yuuki- type manner!
It was well worth the subsequent knock out punch that she gave me while screaming, "You damn hentai bastard!"
Sports manga "how to keep them reading" 101: stop every chapter on a cliffhanger. Cheap trick, but a lot of successful series (including on TV as well as manga) do this.