Complex sentence: Schmeling's cornermen threw their corner's towel as a signal of giving up, but Donovan had waved the fight off anyway, making Louis the winner, and still world Heavyweight champion, by a knockout, two minutes and four seconds into the first round.
Split into simpler sentences: Schmeling's cornermen threw in the towel, but Donovan had waved the fight off anyway. Louis was the winner and world Heavyweight champion, by a knockout, two minutes and four seconds into the first round.