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It's left open to interpretation. He probably does die in the ring because the doctor told him not to fight anymore because of his heart condition. It's very highly likely that he died because of the last moments in the fight. The hard edge directing and camera panning, eerie sounds (he had hearing problems), the heavy breathing, ambience, etc.
Plus the movie showed how he destroyed his life before the fight: he quit his job and gave his back to the girl.
A few moments before the end he grabbed his arm as if he was at the edge of a heart attack, and the last shot shows him making the toughest stunt.
For all this reasons and because the movie ended when his life could have, it is most likely that he died.
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