Here's the complete play-by-play of the bout from our live blog:
B.J. Penn vs. Nick Diaz - Round 1 - Penn with a punch to the body early and Diaz pushes him into the cage. They're working against the cage. Diaz lands a few punches, BJ lands one on the way out. BJ landing solid jabs here. Overhand right by Diaz and another very quick one. Hard left hand by Penn. Penn takedown, odd scramble and now Penn has the back. B.J. landing punches and he turns to side control. Penn stands up and Diaz manages to get back to his feet. Diaz looking for a single leg and Penn landing punches. Diaz goes to the body. Right hand by Penn lands solidly. B.J. witha nice counter and a solid uppercut. Diaz tries coming in with a right hand and Penn lands a few in return. 10-9 Penn.
Round 2 - Diaz talks and Penn hits him with two punches. Leg kick by Diaz and throws a right hand that misses. Diaz pushes him into the cage and throws some punches to the body. Diaz doing decent work against the cage here. Diaz getting warned for grabbing the cage. Penn ducks down looking for a single leg and Nick defends. Nice combination by Diaz. Diaz is starting to connect a little better now. Very nice combination by Diaz. Diaz is coming on now. Diaz drops down for a takedown and can't get it. Left hand lands hard for Diaz. Big combo now and he has taken the fight over. Penn is in serious trouble. Penn needs to find a takedown or something. Penn is getting tagged. Diaz just took over the second half of that round. 10-9 Diaz.
Round 3 - They touch gloves and immediately start throwing. Penn lands to the body, Diaz throwing a good amount of punches already. Penn looked for a takedown and Diaz defended. Two left hands get through for Diaz and a right hand. Penn is not going to win this fight without a takedown. Great job going to the body and then they head by Diaz. Penn still throwing back but he's getting beat up here. Penn with a big right hand. Another big right by Penn. Diaz with another flurry against the cage. B.J. is trying to walk forward and keep throwing but he has to do something really impressive to take this round back in the last 90 seconds. Penn landing now and Diaz answers back. Penn lands a right, Diaz lands a left. Left hand gets through for Diaz. Both men land as the fight ends. 10-9 Diaz on my card gives him a 29-28 win.
Official Scorecards: 29-28, 29-27, 29-28 all for Nick Diaz.