Officers and paramedics tried to stop him bleeding to death but he died at the scene, cops said.
An eyewitness said: “The mother came back to the scene as paramedics were trying to save him. She was shouting 'Please keep going please save my baby'. She was screaming and wailing it was horrible to watch."
Police believe a 26-year-old man was also stabbed at the same incident. But no arrests have been made yet.
A spokesman for his promoters said: “Jay, our welterweight champion, was hugely talented and great fun to be around, a big personality with a huge smile and infectious laugh.
“Inside the cage, he was destined for the top - a champion in three different organisations with heavy hands and a warrior heart.”
His cousin, Tanisha Shepherd, 27, said: “He lived and breathed fighting. He was so looking forward to the gym opening again after the lockdown and was lining up a fight."
“He had everything to live for. He helped keep the young people on the straight and narrow and was a role model.”
Scotland Yard has launched a murder investigation and a post-mortem will be held in due course.
DCI Dave Whellams said: “A man has lost his life and a family has been left suffering unimaginable grief because of the callous use of a knife to inflict fatal injuries.
“Officers who were called to the incident and then paramedics worked to save him, but tragically he died at the scene.
“I will do all I can to get justice for this family, and, along with colleagues from my homicide teams, I will use every available tactic to find whoever is responsible for this terrible attack.
“Our investigation is at an early stage, but we are already building a picture of what happened.
“I would urge any witnesses who have yet to speak to police to call my officers or contact Crimestoppers anonymously to share what they know.”
Shepherd from London, defeated Quinten de Vreught in February to be crowned welterweight champion at Contenders 29. He was known for his pace and aggression and was also a member of the London Fight Factory.
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