Chairman Peter Trembling will answer a second winding-up petition from HM Revenue and Customs on Wednesday, not wholly sure that the money to pay the outstanding debt is in place, says the Daily Mail.
But the football world recognises it is easier to attract investment with the Swede's help, rather than without it.
Hughes said: "It would be a massive loss if Sven left. I don't know what would happen to the club.
"Every day, he comes in and watches training. He stayed in the rain yesterday for 90 minutes. It was freezing cold. Every single day he's been there. Snow, rain, you name it.
"Sven is the main guy. Everyone looks up to him. We are still looking at him like he's the England manager. If anyone can sort it, it's Sven."