But Ellerbe declined to address whether he'd be a part of 50 Cent's TMT Promotions and whether Mayweather will abandon Golden Boy Promotions in favor of the one started by his close friend.
"TMT Promotions, The Money Team Promotions, is a wonderful idea from two very smart guys who have come together and are looking to do something very positive for boxing," Ellerbe said. "This is going to be a great, innovative breath of fresh air that will have both short-term and long-term benefits for boxing."
Mayweather, the pound-for-pound best fighter in the world, is currently finishing a sentence in the Clark County Detention Center in Las Vegas after pleading to domestic violence charges. Mayweather is expected to be released on Aug. 3.
Ellerbe has visited Mayweather frequently in jail, but said they have not spoken about boxing. Less than two weeks after Mayweather surrendered and reported to jail on June 1, his attorneys asked that he be released on house arrest, saying he wasn't eating or drinking properly. The judge denied the request. Ellerbe said Mayweather is as upbeat as possible.
"He's looking forward to getting out and moving on with his life," Ellerbe said. "He's trying to make the best of a very bad situation, a horrible situation. I've been concerned about doing what I can to help his health and welfare. He's handling it as best as he can, but it's a very bad, horrible situation."
Things will be far better for Mayweather, though, when he is once again a free man. Then, he could resume his fighting career and look to work with 50 Cent in building the promotional company.
Ellerbe declined to address whether Mayweather will be promoted by TMT Promotions, as seems likely, and what Golden Boy's future is with him.
"I'd rather not even get into all that," he said.
Ellerbe, though, said that he expects Mayweather to be a success if he chooses to promote full-time after his fighting days are over.
"Floyd has a lot of ideas when it comes to marketing and promotions and I think if that's what he wants to do, he'll be able to take boxing to another level," Ellerbe said.