Boxing icon Floyd Mayweather has withdrawn his $175 million New York lawsuit against former business manager Jona Rechnitz and investment executive Ayal Frist, according to court records.
Mayweather filed the suit in May, alleging Rechnitz and Frist committed fraud and breached fiduciary duties involving multiple business transactions.
Frist operates Frist Apex Ventures, a real estate and investment firm where Mayweather alleged he maintained substantial funds. The complaint accused Rechnitz, his former investment manager, of participating in the alleged misconduct.
Mayweather’s attorney, Leo Jacobs, confirmed the withdrawal Thursday.
“At this time, our client has decided to withdraw its claim without prejudice,” Jacobs told ESPN.
The dismissal without prejudice allows Mayweather to refile the claims. However, it remains unclear whether the former champion intends to pursue the litigation again.
Boxing Icon Floyd Mayweather Dismisses$175M Lawsuit Against Ex-Business Manager Jona Rechnitz
Rechnitz’s attorney denied the allegations after Mayweather filed the complaint. Counsel characterized the claims as “utterly baseless and refuted by substantial documentary evidence.”
A source close to Rechnitz reiterated that position Thursday. The source said Mayweather’s “baseless claims wouldn’t have held in a court of law.”
Rechnitz and Frist had been scheduled to respond to the allegations Friday, according to court records. Mayweather’s withdrawal came before that deadline.
The lawsuit marks one of several legal disputes involving Mayweather.
He continues to pursue a separate $340 million federal lawsuit against Showtime Networks. Mayweather alleges fraud and conspiracy in that case.
Mayweather also faces civil litigation involving alleged unpaid debts for goods and services. Additionally, he and Frist Apex are defendants in a breach-of-contract dispute involving potential fights with Manny Pacquiao, Mike Tyson and Mike Zambidis.
In Nevada, Mayweather faces criminal charges stemming from an alleged $200,000 bad check used to purchase a Las Vegas watch.
The charges include theft and intent to defraud, according to the supplied allegations.
The Internal Revenue Service also filed a nearly $7.3 million tax lien against Mayweather in March. The lien concerns alleged unpaid taxes from 2018 and 2023.
Mayweather has not indicated whether he will refile the $175 million claims against Rechnitz and Frist.
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