Phil Hay has delivered an update on a potential takeover of Leeds United from QSI.

The consortium have been linked with a £120million takeover of the Whites should the club secure promotion to the Premier League.

It seems that any breakthrough is unlikely to come until the summer, and Hay has revealed that either QSI or minority shareholders 49ers Enterprises could look to invest in the coming months.

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Writing in his Q&A session for The Athletic, Hay said: “That’s gone quiet for a while.

"They’re still in the background but I suspect that we might not hear any more until the summer.

“Radrizzani seems intent on staying but that will be more difficult for him financially if Leeds don’t go up.

“When I last asked about QSI, I was told this – they are interested, they are in the background but they’re still a long way from actually getting anything done. It sounded to me like they would look at an initial investment with a view to a full buy-out.

“But don’t forget that the 49ers have a stake here too and might be equally interested in increasing it.

How many of Leeds United's number 10s can you remember?

The verdict

While the news of a breakthrough is not imminent, there's certainly no smoke without fire.

If Leeds United can secure promotion they have the infrastructure to kick on in the Premier League, and that is why QSI are so persistent in trying to strike a deal.

With the Whites very much on an upward trajectory you can't blame Andrea Radrizzani for holding out for his desired asking price, as after all, if they do go up the value of the club is likely to rocket.

But with plenty of matches still to go, the hope is that the club don't slip up as that could be disastrous for any investment.