Joshua wins. Toney was never really a heavyweight or even a cruiserweight. He was an extremely fat 5 foot 9 inch light heavyweight. His iron jaw and clever boxing enabled him to beat some pretty good heavyweights including a washed up Holyfield. Peters, a world class big heavyweight had too much size, skill and power for Toney and beat him twice. Joshua is much bigger and punches even harder than Peters. Toney would look like a fat midget in the ring with Joshua. My guess is Joshua would knock Toney out.
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