There are two theories which strongly imply it was a state bid.
1) The Abramovich Principle. Of course, RA did not buy Chelsea on behalf of Putin, but, considering his role within Putin's 'inner circle', essentially he did.
Same with Jassim who is clearly a state actor. All of his 'investments' are contingent on his role at QIB which is primarily a state-sanctioned institution.
2) The Qatari state cannot explicitly state they are buying the club, but cannot be found to have done so, either.
Therefore, they'll use an investment fund fronted by a compliant actor, their man so to speak. In this case it is 92F and Jassim.
This fund will be scrutinised to death so they can't just pump more and more and more state funds in. They'll reach a (very high) limit as they're pretending it is private individuals.