Floyd Mayweather parts ways with Golden Boy Promotions

Following the resignation of Richard Schaefer as chief executive of Golden Boy Promotions, Floyd Mayweather Jr. parted ways with the organization within hours of Schaefer's departure. 

The legendary pound-for-pound boxer partnered with Golden Boy Promotions on a fight-by-fight basis since his 2007 fight with the company's co-founder and president, Oscar De La Hoya. 

Mayweather founded his own company, Mayweather Promotions, but only associated with Golden Boy Promotions due to his relationship with Schaefer. 

Mayweather Promotions chief executive Leonard Ellerbe revealed Golden Boy Promotions will no longer be apart of Mayweather's fights, by responding with "absolutely not" when asked about the organization's future involvement. 

"We have a great working relationship with Richard Schaefer and that will never change," Ellerbe stated via ESPN. 

"Richard is a good friend and a great businessman and an excellent promoter. Richard will have an impact in anything that he decides to do, a tremendous impact. He built that company from the ground up and did a phenomenal job. We've had a very close relationship for a number of years and worked hand-in-hand on a number of great fights. 

Mayweather Promotions will continue to promote Floyd's fights and Floyd will continue to put on the biggest fights in boxing. I have a tremendous team and staff and we continue to expand year by year and we're ready to go." 

Despite the departure of Schaefer, Ellerbe revealed that Mayweather Promotions is currently in discussion regarding the boxer's next fight, and it'll be decided one he returns from vacation.