The Athletic writer suggested that the news Leicester City could be hit with a charge for flouting Profit and Sustainability rules while still in the Premier League (the Athletic, 7 March) might act as a warning to the Whites.
He said there is no suggestion that Leeds are in similar danger in terms of PSR at the moment but that failing to get promoted might mean they have to sell some of their best players, especially given Leicester sold the likes of James Maddison and Harvey Barnes after being relegated and are still in danger of being punished.
Speaking on the Square Ball Podcast, Hay said: “If Leeds don’t get up this season and get to the summer then they’re going to have to cut their cloth and they’re going to have to balance their books and I think you will see player sales for that reason.
“You have to say about Leicester last summer they did sell Maddison, they did sell Harvey Barnes it’s not as if they didn’t pull any more in but all the signals seem to be saying they are still going to be in breach.
But it is, sadly, just common sense to say that if Leeds do not go up then they probably will have to sell and balance the books a little bit because it will be a second season with the riches of the Premier League.
Of course, the good news is that the Whites are absolutely flying and still have a great chance of going up automatically, so all of this might – and hopefully will – become a moot point that doesn’t affect Leeds.
Certainly, though, it is wise to keep an eye on what is happening with Leicester because if nothing else it might end up acting as a warning sign for what Leeds will want to avoid at Elland Road.
