Prescott, who knocked out Amir Khan inside one minute in 2008, also had McCloskey down in the first taking a count - replays on television made it clear that it was only a push with the inside of Prescott's arm and not a punch.
McCloskey was hurt after taking a strong right in the sixth round but by now Prescott was beginning to tire.
The Northern Irishman capitalised and was firmly on top in the latter rounds.
"I'm happy with the way I won that fight," said McCloskey, who suffered a points defeat on cuts by Khan in a world title challenge in April.
"I started off terrible - he was outjabbing me in the first couple of rounds and I just had to find a way around it.
"Early on he hit hard but from the fourth or fifth round the power seemed to dip and I felt that.
"I'm a skilful fighter but I've got a big heart and I dug deep against world class opposition."
Two judges scored the fight 114-113 with the other going for 115-113.
Carl Frampton impressed on the undercard as he won the Commonwealth super-bantamweight title with a fourth-round stoppage of Australian Mark Quon.
Belfast fighter Frampton always looked in control and he knocked Quon to the canvas in the fourth before the contest was stopped seconds later.
"It went perfect for me and I want to be involved in big fights," said Frampton, who now wants to take on Kiko Martinez for the European title.
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Prescott faced McCloskey at the Odyssey Arena - Precott catches McCloskey with a jab
McCloskey beats Prescott in Belfast
Paul McCloskey when the come-back of his life as he out-pointed Breidis Prescott on a unanimous points decision for a final WBA light-welterweight eliminator. Prescott had fully dominated the fight in the early rounds in Belfast. The Dungiven boxer McCloskey took control in the second half of the 12 rounder.
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Comments
Great post with lots of imptorant stuff.
By JanelleJanelle on 21 Dec 2011