Floyd Mayweather is dropping his $175 million lawsuit against his former business associates, according to TMZ.
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Mayweather previously alleged that Jona Rechnitz, with help from two associates, defrauded him over several years. During that time, the proceeds from sales of the prizefighter's real estate, jewelry, and a private jet totaled the $175 million Mayweather sought.
"As they say, the gloves are off," Mayweather's attorney Leo Jacobs told The Independent. "The complaint speaks for itself."
Apparently, the gloves are back on, as Mayweather dropped his lawsuit four months after filing it.
"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.
Floyd Mayweather Drops $175 Million Lawsuit
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."
"Mr. Mayweather filed this lawsuit with a lot of noise and dropped it in silence. Right before our court deadline to answer his frivolous claims with documented evidence," Rechnitz said in a statement to ESPN on Friday morning. "He verified his complaint under penalty of perjury. Our evidence directly contradicts what he swore to. When the time came to back up his claims, he walked away. No settlement, no payment."
Mayweather still has a $340 million lawsuit pending against Showtime Networks. The 50-0 boxer claims that a "complex web of hidden accounts, unauthorized transactions and deliberate concealment of financial records" has prevented him from receiving payment from the network.
The boxing legend is not the only member of his family with legal troubles this year.
Iyanna "Yaya" Mayweather, Floyd's daughter, has been ordered to pay Lapattra Jacobs $50 million in connection with a 2020 stabbing incident.
According to court documents obtained by TMZ, a Texas judge awarded Jacobs $40,105,000 in compensatory damages. Plus an additional $10 million in exemplary damages, which are similar to punitive damages.
