Briatore was banned from Formula One for his role in the Renault crash scandal, a punishment that would appear to rule him out of ownership of a League club.
The matter was discussed at Thursday's League Board meeting after which the following statement was issued: "The Board conducted a comprehensive review of the situation, including the receipt of advice from leading counsel.
"After considering all the information presently available to it and in the interest of due process, the Board will seek responses from Mr Briatore before commenting further."
Italian Briatore was part of a multi-millionaire group that took over the west London club two years ago but, after a regime that has seen seven different managers, they still look a long way from the Premier League and remain mid-table in the Championship.
Following the somewhat mysterious takeover of League Two side Notts County the League also announced a change of rules that would ensure clarity of ownership.
"As of today, and having taken advice from legal counsel in regard to existing League regulations, it was unanimously agreed that it will be the policy of the Board to insist that it is informed, with supporting evidence provided, of the ultimate beneficial owners of all Football League clubs," said a statement.
"We are very grateful to Notts County for providing us with further information in regard to its ownership structure.
"Meetings to clarify a few outstanding issues will occur during the next few days, with a view to concluding matters in the near future."
‘I don’t think Liverpool would look at Ollie Watkins, a striker isn’t a pressing issue for them – it’s Arsenal who need one’ Former Reds star explains why his old club don’t need an out-and-out forward this summer
‘He’ll still be playing at 40 at a good level because he’s in such good shape and looks after himself so well. He does everything to be a top professional’: Ex-Liverpool coach insists Mohamed Salah has plenty more miles in the tank
