I was hoping 40 mill a year would cover it
That was the inital budgets for Campos/Manor/Lotus pre-2010, they had to go higher. Or, Caterham went up to 60-ish, Virgin-Marussia-Manor to 50-ish and HRT never hit 40 IIRC.
We all saw how much success and time in F1 that brought them.
You need to go 3x that to have a chance to not be last these days.
Or, take that money to IndyCar, and run a competetive 2-car team. If you then add sponsors to your 40 mill a year investment, you'll probably be able to rival Chip Ganassi, Penske, Schmidt and Andretti in IndyCar.