Floyd Mayweather Drops $175M Fraud Lawsuit Against Ex-Biz Associates

Floyd Mayweather's throwing in the towel in his massive lawsuit against several former business associates, notifying the court he's dropping the case ... TMZ Sports has learned.

But the boxing legend is leaving himself an opening to come back swinging.

According to court filings, which we obtained, the 50-0 fighter notified the New York Supreme Court that he was dropping the suit against Jona Rechnitz, Ayal Frist, Alexander Seligson, and Frist Apex Ventures.

It's "without prejudice," meaning Floyd could refile the case if he chooses.

Mayweather sued in May, claiming Rechnitz and co. drained him of insane amounts of cash ... including proceeds from real estate deals, $100 million in fancy jewelry, and even the sale of a private jet.

The damages were said to be "not less than" $175 million.

Shortly after the suit was filed, an attorney for the defendants blasted it as "utterly baseless."

So, why the sudden change in course for TBE?

It's unclear, but a source in Rechnitz's camp says the defendants were about to file their response, which they say contained receipts showing the claims were BS.