Hawks co-owner Steve Koonin told the Atlanta Journal-Constitution that Ferry will be disciplined internally.
Ferry allegedly made racially insensitive comments about NBA forward Luol Deng during a conference call with franchise ownership in June.
Ferry said in a statement that he was "repeating comments that were gathered from numerous sources during background conversations and scouting about different players."
Hawks minority owner Michael Gearon wrote a letter to majority owner Bruce Levenson expressing concern over Ferry's comments and calling for him to be fired. The letter was obtained Monday by WSB in Atlanta.
In the letter, Gearon claims Ferry had said one potential free agent target "has a little African in him. Not in a bad way, but he's like a guy who would have a nice store out front but sell you counterfeit stuff out of the back."
According to Yahoo's Adrian Wojnarowski, the player Ferry was referring to was Deng. Wojnarowksi also reports that the letter was the impetus for the investigation which led to Levenson's sale of the team.
- Dan Gartland