Pryor had signed to face Sugar Ray Leonard in the fall of 1982 for the Undisputed World Welterweight Championship, but Leonard suffered a detached retina and retired, paving the way for Pryor vs. Arguello.
Arguello was attempting become the first boxer to win world titles in four weight divisions.
Arguello was a 12-5 favorite.
Pryor's purse was $1.6 million, while Arguello's was $1.5 million.
Arguello suffered a cut over his left eye in round six.
After the fight, there was controversy over a water bottle used by Pryor's trainer, Panama Lewis, between rounds 13 and 14. Microphones caught Lewis telling cutman Artie Curley, "Give me the other bottle, the one I mixed." It seemed to revive Pryor. Coming out quickly for the 14th round, Pryor landed a barrage of unanswered blows before the referee stopped the fight. Many speculated that there was something illegal in the bottle, but nobody checked the contents and the Miami Boxing Commission failed to administer post-fight urine tests to the boxers. Lewis and Pryor steadfastly denied that there was anything illegal in the bottle. Curley said the bottle contained peppermint schnapps to settle Pryor's upset stomach. In the 2008 documentary Assault in the Ring, former Lewis-trained boxer Luis Resto revealed that Lewis would break apart antihistamine pills and pour the medicine into his water, giving him greater lung capacity in the later rounds of a fight.
Named "Fight of the Decade" by The Ring in 1990.
Named the 8th greatest title fight of all-time by The Ring in 1996.
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