Boxing champion Floyd Mayweather has decided to let go of his Las Vegas "Philthy Rich" recording studio. Floyd recently sold the space to rapper J-Diggs, President of Thizz Entertainment, and producer Brian Dobbs, also known as Wino. The two, who are looking forward to progress with their careers, have also renamed the space "702 Studios."

Diggs and Dobbs are currently renovating their new studio, getting set to launch their business, which J-Diggs spoke about to to AllHipHop.

"I've had my own label for a long time and now adding this studio which already has a great reputation in these parts just adds to the empire we're building over here."

It's also been reported that J-Diggs and Brian Dobbs will host a launch party for 702 Studios on New Year's Day.