Should I cut off an old friend who has lost respect for me?

Recently a friend of over 8 years has expressed that they want to take a step back from our friendship. They believe that my approach to achieving my goals is fundamentally flawed and they can't take me seriously. We are both athletes on the verge of becoming masters and have trained together since we were beginners. We were best friends. We coach and train in the same club/ community, in which his gossiping has caused other people that haven't even spoke to me beyond hi and bye to look down on me, and cast judgment and further spread rumors. I want to cut him off, but am stopped by a sense of sentiment and thinking I may later regret it. What should I do?
Should I cut off an old friend who has lost respect for me?
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