Floyd Mayweather and longtime promoter Leonard Ellerbe end working relationship

Floyd Mayweather has announced that his working relationship with Leonard Ellerbe has come to an end after two fruitful decades.

Ellerbe played a key role in the boxing icon’s rise in the early 2000s, and the 58-year-old has long served as CEO of Mayweather Promotions.

However, Ellerbe is now stepping down and will be replaced by Richard Schaefer, who previously worked at Golden Boy Promotions with Oscar De La Hoya.

“Mayweather Promotions would like to extend our deepest gratitude to Leonard Ellerbe for his exceptional leadership and unwavering dedication over the years,” read a statement on Mayweather’s Instagram on Thursday (13 June).

“Leonard has been an integral part of our team, contributing to numerous business endeavors that have played a pivotal role in the success of Mayweather Promotions.

“After years of hard work and dedication, Leonard has made the heartfelt decision to step down as CEO to spend more time with his family and loved ones. We have the utmost respect for his decision and are incredibly grateful for his leadership that has helped shape Mayweather Promotions into the thriving organization it is today.

“As we move forward, we are excited to announce that Mayweather Promotions will be joining forces with Richard Schaefer, a highly sought after finance expert and a phenomenal founder in the world of promotional boxing, with over forty years experience combined.

“Together, we will expand our presence by establishing Mayweather Headquarters in Los Angeles. Our goal is to elevate Mayweather Promotions to global success, supporting fighters worldwide and assisting them in making rewarding business decisions that will benefit them well beyond their boxing careers.

“We look forward to this new chapter and the continued global success of Mayweather Promotions.”

Mayweather, 47, retired as a professional boxer in 2017, stopping UFC star Conor McGregor in his final fight to move to 50-0.

In the years since, the American – a former multi-weight world champion – has fought in numerous exhibition bouts, including against YouTubers Logan Paul and Deji.