Hughes has pumped in his money in a pretty ineffective way. He leaves the club in a much worse position than when he took sole control. I believe he's almost 80 and perhaps couldn't afford to sustain things any longer.
The statement is amazingly brief and doesn't offer much hope.
Hughes voted for the IMG grading system in April 2023 when pretty much all the details were known and it would have been obvious what the implications were. At that point, I think it would have been considered pretty unlikely we would have been in SL in 2024. Would he have quit if we spent this season in the Championship ? We had certainly recruited a Championship team albeit they gave everything in SL.
If he's quit because we are not going to be in SL then it's frankly childish.