I wouldn't assume anything about how much Sony had invested in the project up until they had that review and decided not to go further. The budget may have been projected to be 30m or 40m, but I very much doubt that's how much the prototype Sony initially commissioned cost.
Makes me wonder about the quality of the prototype of SONY decided to drop the project, SCEA Santa Monica's God of War was looking SAD when it was in prototype stage and even that got approved and they basically muscled it through. SCE stuck with a lot of really bad games over the years, one notable example being Rise to Honor.
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