In its unanimous ruling Monday suspending the 42-year-old heavyweight champion, the New York Athletic Commission cited his "diminished skills and poor performance," the New York Daily News reported Tuesday.
But the commission also lifted a medical suspension against Holyfield that blocked him from getting licensed by any other state.
Holyfield's camp insisted the boxer is not impaired by age or condition and vowed to try to set up fights for him elsewhere.
"If you want the guy to retire, you should really stop telling him what to do," Holyfield's manager, Alex Krys, told the Daily News after being informed of the commission's actions.
Krys attributed Holyfield's lackluster performance in November to cramping before and during the fight.