The team and league have decided to suspend Thomas' pursuit of partial ownership, according to a statement released by the WNBA, although he is still serving as the team's president.
The Liberty announced in May that Thomas would take over as team president and seek an ownership stake. That puzzled basketball fans given his disastrous run as president and coach of the
Two days later, the WNBA said it would review the Liberty's decision.
Monday's announcement came in the form of a brief statement that offered little explanation as to why Thomas' pursuit of an ownership stake had been stalled.
"After further discussion and with the season underway, the WNBA and the New York Liberty have agreed to suspend consideration of Isiah Thomas' application for an ownership interest in the Liberty until further notice," the league said. "The process will resume at a future time as determined by the Liberty."
Thomas' ownership rights would have been subject to a vote of the WNBA Board of Governors at a later date.
Phone calls to the Liberty's communications office were not immediately returned.
Thomas was a successful player and former member of the "Bad Boys"