Boxer Floyd Mayweather withdrew his $175 million civil lawsuit Thursday that alleged his former business manager and other business partners defrauded him over multiple years, according to court records.
Mayweather, 49, initially filed the suit in May in a New York court, alleging Jona Rechnitz, his former investment manager, and Ayal Frist, who runs Frist Apex Ventures, a real estate and investment firm where Mayweather kept a lot of his money, committed fraud and had roles in a breach of fiduciary duty in multiple dealings with the boxer.
"At this time, our client has decided to withdraw its claim without prejudice," Mayweather's attorney, Leo Jacobs, said in an emailed statement to ESPN on Thursday.
By withdrawing the suit without prejudice, Mayweather can refile the claims, although it is unclear if he plans to do so.
Rechnitz's attorney denied the claims when Mayweather filed the suit, calling them "utterly baseless and refuted by substantial documentary evidence." A source close to Rechnitz reiterated Thursday that Mayweather's "baseless claims wouldn't have held in a court of law." Rechnitz and Frist's response to Mayweather's claims had been due in court Friday, according to court records.
The withdrawal offers resolution to one of the multiple lawsuits Mayweather is involved in.
Mayweather still has a $340 million lawsuit pending that he filed in federal court against Showtime Networks, alleging fraud and conspiracy. He is a defendant in several lawsuits alleging he owes money for goods and services provided. He and Frist Apex are defendants in a breach of contract civil lawsuit surrounding potential Mayweather fights against Manny Pacquiao, Mike Tyson and Mike Zambidis.
Mayweather also faces criminal charges of theft and "intent to defraud" in Clark County, Nevada, over writing a $200,000 bad check to purchase a watch in Las Vegas.
In March, the IRS filed a nearly $7.3 million tax lien against Mayweather for unpaid taxes in 2018 and 2023.