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Sheikh Mansour insists, though, that the club are fully behind Hughes following a meeting involving the pair, club chairman Khaldoon Al Mubarak and executive chairman Garry Cook.
BBC: Hughes receives Man City backing
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City's oil-rich Arab billionaires Sheikh Mansour and club chairman Khaldoon Al Mubarak are set to bankroll a January spending spree with the intention of lifting City clear of the relegation zone.
BBC: Bridge seals transfer to Man City
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"Roberto's record speaks for itself and he has the respect and gratitude of Sheikh Mansour, myself and the Board for all of his hard work and commitment over the last three and a half years, " said chairman Khaldoon Al Mubarak in the City statement.
CNN: Manchester City dismiss Roberto Mancini
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However, in the end, City chairman Khaldoon al-Mubarak did not even give the 28-year-old that long, with Barcelona officially contacted on Friday with confirmation the deal was off.
CNN: Manchester City end interest in signing Eto'o
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Chairman Khaldoon al-Mubarak has previously spoken of his desire to break into the top six next season and Santa Cruz believes manager Mark Hughes, who he played under at previous club Blackburn, is the man to push the club towards Champions League qualification.
BBC: Santa Cruz aims for top-four spot