Floyd Mayweather Drops Lawsuit Against Jona Rechnitz

The legal brouhaha between boxing legend Floyd Mayweather Jr. and his former investment manager Jona Rechnitz appears to be over.

Mayweather dropped the civil lawsuit he filed in May against Rechnitz, the boxer’s attorney, Leo Jacobs, confirmed to The Real Deal. It’s unclear if Mayweather plans to reopen the case down the line.

“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 told The Real Deal.

Mayweather filed his lawsuit in New York state court, alleging Rechnitz gained his trust and then diverted $175 million from the champion boxer. Mayweather claimed Rechnitz orchestrated a multi-year fraud to move Mayweather’s cash, jewelry and real estate funds into accounts connected to Rechnitz and his associates; Ayal Frist and Manhattan attorney Alexander Seligson were also defendants in the case.

The lawsuit alleged Rechnitz’s fraud spanned Mayweather’s real estate portfolio, including many of Mayweather’s largest deals in New York, Chicago and Miami. It also claimed Rechnitz was allegedly able to redirect Mayweather’s funds when he became the boxer’s investment manager, real estate adviser and banking liaison in 2024.

In addition, the lawsuit alleged that Rechnitz misrepresented Mayweather’s acquisition of a 1,000-apartment Manhattan portfolio from Black Spruce. Mayweather’s documentation of the deal shows just a 5 percent stake in one LLC, not the entire 1,000-unit deal

Josh Gotlib’s Black Spruce began withholding distributions from its Manhattan rental portfolio to Mayweather’s Vada Properties due to the legal battle.

Mayweather also alleged Rechnitz diverted funds from other real estate investments, including $15 million from a settlement with SL Green and another $8.8 million of loan proceeds from Hankey Capital secured by four of Mayweather’s properties in Frist Apex Ventures, a Florida company managed by Frist.

Rechnitz pleaded guilty in 2016 to conspiracy to commit honest services wire fraud for directing bribes to NYPD officers. He served as a cooperating witness to federal prosecutors in three corruption cases, including one involving the NYPD. Rechnitz has not served jail time. 

Mayweather defended Jona at The Real Deal’s 2025 annual NYC Forum. 

“I trust Jona — not just 10 percent, 20 percent — 100 percent,” Mayweather told a packed audience.

Keither Larsen contributed reporting.