Beasley pleaded guilty to a felony count of threats of violence following a September arrest.
"I will take this time to reflect on my decisions," he said in a statement, per Shams Charania of The Athletic and Stadium. "I apologize to all the great fans out there who have supported me during this difficult time and I promise I will come back very soon as a better person and player."
Timberwolves president of basketball operations Gersson Rosas released the following statement: "As an organization, we fully support today's decision by the NBA. As we work together with Malik to advance his development as a player and a person, we look forward to seeing his growth."
In September, police officers were called to Beasley's residence for an alleged weapons offense, per Mark Schlabach of ESPN. The people who contacted authorities had parked their car in front of Beasley's home and said a "suspect walked up to their vehicle, tapped on the vehicle window, pointed a gun at them and advised them to get off of the property."
The suspect also reportedly held his gun up to his shoulder while the people in the car drove away.
Police officers who arrived at the scene said they smelled marijuana and obtained a search warrant for the house, where they allegedly found narcotics and a number of weapons, one of them stolen. Beasley was charged with felony controlled substance/narcotics and felony receiving/concealing stolen property, but prosecutors dropped the drug charge as part of his plea deal.
On the court, the 24-year-old is having a career year, averaging 20.5 points, 4.6 rebounds and 2.5 assists per game while shooting 45.5 percent from the field and 40.6 percent from three. He signed a four-year, $60 million contract with Minnesota in November.
Beasley has emerged as a young building block for the Timberwolves, alongside players like Karl-Anthony Towns, D'Angelo Russell, Anthony Edwards and Jarrett Culver. While that has yet to translate to wins on the court—the Timberwolves are just 7-26—Beasley appears to be a part of a brighter future to come for the franchise.