Jack Murdock was scheduled to fight Carl Creel. He was meant to take a dive and lose the fight intentionally and receive a large sum of money from Roscoe Sweeney. He went on to win the fight, being cheered for the first time. He quickly changed out of his ring gear in hopes that he could get out of the arena in time before he was spotted by Sweeney's men. 
Jack decided to escape that night with his son, Matthew, so he tried to make his way back home but, sadly, he is found by his employers, who are unhappy at his betrayal. Late into the night, Sweeney and his men shot him in an alley killing him instantly.
When he heard the gunshot, Jack's son, Matthew, ran out into the street to see what happened. He was stopped by police as he approached the alley. He ran up to his father and cried as he had realized that his father had been murdered. This would be a defining moment for young Matthew Murdock as it would help lead him down the path of seeking justice through his career as a lawyer and later as the masked vigilante, Daredevil.
Years later, an adult Matt was persuaded by Elektra Natchios to break into Sweeney's mansion and avenge his father's death. While he proceeded to beat Sweeney to a pulp, Matt refused to cut the aging gangster's throat.