Controversial Victorian Liberal powerbroker Marcus Bastiaan faces the threat of suspension from the party over his alleged involvement in a series of homophobic and racist messages.

A review into derogatory message allegedly exchanged between him and former party figure Paul Mitchell was delivered to the Victorian Liberals’ decision-making body on Thursday night.

The state's administrative committee decided to refer the possibility of suspending the powerful factional operator to its state assembly for a vote, even though it is believed the review only recommended a warning, rather than suspension.

Paul Mitchell (left) and Marcus Bastiaan. Credit:Chris Hopkins, Jesse Marlow

Mr Bastiaan insisted it cleared him of "detrimental conduct".