Phil Hay has confirmed that Qatar Sports Investments (QSI) will not be investing in Leeds in the near future.
What did Hay say?
Hay was questioned by a fan about QSI's latest plans after they were previously linked with getting involved with the club.
Writing in his Leeds mailbag on The Athletic, Hay replied: "When the smoke was thick around Qatar Sports Investments (QSI), people at Leeds always said that increased investment from 49ers Enterprises was far more likely than cash arriving from Qatar. Now that the 49ers’ stake is up to 37 per cent, we can rule out the idea of QSI getting involved any time soon."
Who are QSI?
QSI are a shareholding organisation, who were founded in 2004 in Qatar's capital city, Doha.
They are well-known within football as the current owners of French champions PSG, having taken over the club in 2011.
When did QSI show interest in Leeds?
According to ESPN, QSI were close to completing a takeover of Leeds back in November 2019.
The company were interested in claiming a stake in the Elland Road outfit, despite the side still being in the Championship at the time.
However, the move did not go through, and the proposed takeover has still not taken place.
Does Hay's update come as a surprise?
Not really.
Back in November, Leeds journalist Graham Smyth provided this news to the Yorkshire Evening Post via GIVEMESPORT.
He said of QSI: “They never made an official bid and never did any due diligence or visited Elland Road to look at the books, but they are the kind of outfit who could take the lot, lock, stock and barrel without worrying too much about the present state of club finances.”
"The 49ers seem to get lost in any takeover talk, despite already having their feet firmly under the table.
"It seems inevitable that they will up their stake this season at some point, too.”
Smyth's prediction has come true, with the 49ers upping their stake from 15% to 37% in January, indicating that they have no interest in selling the club any time soon.
Do Leeds need QSI?
Leeds seem to be doing just fine without QSI at the moment.
The club made £62m loss in the last financial year, which might suggest they're in a precarious position but the numbers aren't quite so worrying as they initially seem, especially with the backing of the 49ers.
They have established themselves back in the Premier League this season, and look to be in a fairly stable position.
Leeds endured a turbulent period when they were outside the top-flight, going through almost 20 different managers between 2004 and 2018.
Now, they have Marcelo Bielsa who has been at the club for three years and guided the side back to where they want to be.
They are progressing well with the current setup that they have, suggesting that a takeover does not appear to be necessary right now.