Ferry has decided to take an indefinite leave of absence from the franchise after appearing to make racially insensitive comments about Miami Heat star Deng, before moving to clarify that the remarks he made were simply read out from a scouting report on the player.
"No words can adequately describe my remorse for the hurt that I have caused many people through the statements I repeated, most importantly Luol Deng," said Ferry in a statement.
"Luol is a good man who I have known for many years and he has done a tremendous amount of good for his country and around the world.
"I apologise to Luol and I apologise to all that I have offended. As I have said, while these were not my words, I deeply regret repeating them."
The president of basketball operations plans to take time away from the game, while suggesting that he will use the space to educate himself on issues surrounding race, diversity and inclusion.