Michael Zerafa's shock win over Jeff Horn revealed some cracks between the former world champion and his trainer.

Zerafa delivered a boxing exhibition on a career night to score a ninth-round TKO victory.

Horn's trainer, Glenn Rushton, was central to what took place on Saturday night in Bendigo.

Referee Ferlin Marsh stopped the fight after Horn was knocked down for a third time.

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Rushton ignored calls from Horn's family members to throw in the towel after he was dropped earlier in the ninth round.

In the ensuing post-fight press conference, Rushton delivered a pointed message to his fighter, moments after he suffered a brutal stoppage loss.

"We've just got to sit down and have that long, hard talk," Rushton said.

"And say exactly what does that look like? Diet wise, work wise, and just really put the effort in.

"If it's going to be at middleweight it means we've got to change the body structure a little bit, and not eat pizzas and drink Coke."

Horn looked battered and bruised at the desk, as he listened to Rushton critique his preparation in front of the media pack.

The arrival of Horn's second child meant the camp was interrupted for three weeks, allowing Rushton and Horn just eight continuous weeks together before the bout.

Jeff Horn (L) was outboxed and outfought by Michael Zerafa in a brutal loss in Bendigo. ( AAP: Michael Dodge )

"You can't go to middleweight and take your lean muscle mass down, and of course put on more fat. It's got to be lean muscle mass that you gain… you've got to be a ripped middleweight, which means a lot of hard work if you want to go that route."

Horn didn't look as cut on the scales as he had in previous fights, moving up to the 72.5kg limit.

Zerafa labelled him "sloppy" in an interview with ABC Radio after seeing Horn at Friday's weigh-in.

Rushton's soliloquy continued, adding "I was hoping we wouldn't get an injury or an illness… when we hit Melbourne on Monday.

"He (Horn) was sniffling and his throat was really sore, and he was having cold and flu tablets.

"He said to me on the way to the gym, 'you're not going to get much out of me today', and I've gone, 'that's not what I want to hear'. And I said, 'you've still got a bit of work to do, Jeff'."

It was a tough night for Jeff Horn in Bendigo, as Michael Zerafa left him bloodied before a ninth-round TKO. ( AAP: Michael Dodge )

At that moment of the media conference Horn interrupted his trainer to state, "I don't want to use the excuse though of being sick."

"All props to Michael Zerafa, he outboxed me tonight and I've got to go back and do better."

Horn didn't rule out retirement when quizzed by the press, however it's highly unlikely.

After less than 35 minutes, plans for a world title fight before Christmas were torn up.

Each member of the Horn team spoke to the uncertainty ahead.

Promoter Dean Lonergan agreed in principle with Top Rank Boxing for Horn to fight Ryota Murata in Japan on December 23. That fight won't be going ahead, and nor will the $2 million payday that comes with it.

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The most likely scenario would be a rematch with Zerafa at a lighter weight class, late in the calendar year.

There is a rematch clause in Horn's favour, however it's unclear at this point whether it stipulates the fight can take place at the same weight.

Zerafa isn't considered a big middleweight by any means, or a devastating puncher, however he bashed Horn using his superior size.

As fighters move up in weight they encounter larger fighters, who are bigger hitters and take better punches. This is exactly what Horn discovered.

Whatever happens next, it's unlikely we'll see Horn back at this weight.

A logical meeting point for a rematch would be the super welterweight division (69.85kg), where Zerafa has often campaigned.

Rushton defended the decision not to stop the fight sooner. "I think the world of Jeff Horn, of course. I think of him like a son."

"It's always very easy when you can see the future. A lot of people would've thrown the towel in round nine of the Manny Pacquiao fight."

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Former world champion Barry Michael was commentating for the television broadcast and implored that the fight be stopped in the ninth round, but it was allowed to continue.

There was clear consternation in the Horn camp in the aftermath, split over the inaction in the corner.

The not-so-subtle message in the media conference landed heavily with those in the room and Horn disappeared quickly afterwards.

It was unclear on the night whether the approach by Rushton was emotion, or a ploy to light a fire under his fighter.

Either way, it feels this iteration of the Horn camp is on the precipice.