John Morris, secretary of the British Boxing Board of Control, said: "I have not had an opportunity to see it, but it sounds like an exercise in bad taste."
The poster, headlined "The Taming of the Devil", shows the former world champion Pazienza emerging from hell with the severed heads of two women in each hand dripping blood, and running through fire.
Graham, the World Boxing Council international super-middleweight holder, is naked, depicted as the angel, complete with halo floating through the clouds.
The promoter, Frank Maloney, cited economics, saying: "I'm investing pounds 500,000 in this show. If the Board want to subsidise me, then I'll take it down."Reuse content