“Everything going well. I’ve got some big news going to be dropped very, very soon,” Fury said on social media. “Big fight on the horizon. One you’ve all been waiting for, about to be announced imminently. Stay tuned.”

The visual did little to create excitement. Fury was taking large gulps of air while walking at a slow pace on the treadmill. He was not sprinting or completing a demanding interval, which made his labored breathing difficult to dismiss as the natural result of a hard workout.

The former champion looked far older than his 38 years. He did not resemble the youthful, vibrant heavyweight who frustrated Wladimir Klitschko or repeatedly recovered from Deontay Wilder’s right hand during their trilogy. His face looked weathered, and his condition suggested he remains a long way from being ready for a major fight.

A full training camp can help Fury lose weight and strengthen his stamina. It cannot restore the speed, reflexes or freshness that have faded during his long career. The treadmill footage does not prove he will arrive unprepared, but it is a worrisome first look at a fighter promoting an enormous event late in his career.

Simon Jordan’s reaction on talkSPORT Boxing mirrors the mood among many fans. He recognizes the commercial size of Fury-Joshua but struggles to see it as an important sporting contest.

“I’m not hugely interested in it because I think they’re past their sell-by dates,” Jordan said. “The bottom line is it’s a big fight, and a lot of people are going to pay a lot of attention.”

Years ago, Fury-Joshua would have decided British heavyweight supremacy. Fury possessed the movement, size and ring intelligence, while Joshua brought speed, power and sharp combination punching. Both held world titles, and the winner would have carried a strong claim to being the leading heavyweight of his generation.

That version of the matchup disappeared during years of failed negotiations.

Fury has since lost twice to Oleksandr Usyk, endured punishing fights and shown diminishing mobility. Joshua was knocked out by Daniel Dubois after dropping consecutive bouts against Usyk. The discussion is no longer about two elite heavyweights meeting near the height of their powers. It is about which aging former champion has deteriorated less.

Jordan has always favored Fury and still expects him to win. His prediction rests partly on Fury being in better mental condition, although he described Joshua as the superior physical specimen.

“I’ve always thought that Tyson Fury would win it,” Jordan said. “Anthony Joshua is far more of a statesman than Tyson Fury will ever be in this life or the next. But I think his achievements have been massively amplified.”

Fury may still have enough size, craft and inside strength to overwhelm Joshua. Joshua retains the power to hurt him if he lands before Fury begins leaning, holding and forcing him backward. Those questions offer some competitive interest, but they are much smaller than the ones this fight once promised to answer.

Netflix can dress the promotion in championship language, but neither fighter owns a world title. The “crown” exists only as a marketing device.

Fury-Joshua is no longer a contest between two of the best heavyweights in boxing. It is a lucrative send-off, an old-timers attraction carrying famous names and unfinished history. The public waited nearly a decade for the fight. Now that it is arriving, the hardest promotional task will be convincing fans that the wait did not empty it of its meaning.