For a compeditive chassis set, power train and embedded support is put a figure closer to €12m including R&D and costs to get it to the first test or race. Transmussion usage of the Williams LG14 that Hispania will use this year will be €2m, Cosworth CA2011 usage will be €5m, leaving arround €5m for a chassis set of 3 F111s that you would need to be able to call it a complete team set at any GP, that incluses 2 racing chassis and one unbuilt tub as per the rules. Taking a 2011 tub will cost €655,000 to make, the rest of the costs of the chassis will go toward R&D and manufacture.
So you would have €12m of the €45m spent in hard cash, leaving you €33m. Then you would put a value of anything from €7m to €13m on staffing costs, rent and other associated costs of trade, depending on how scattered the team is, not to mention its suppliers and how far away they are from the main HQ.
Id give a rough estimate of €20m Hispania will be able to play with, this should be able to give their package 2 good updates of €4m to €6m each and the rest should ideally be spent on various other things for the cars, and operating costs, they sould be able to feasably squeese a couple of smaller detail updated of up to €1m out of the rest of the budget. However they need to keep some budget aside for the 2012 car in this area as well, so that makes this €20m tighter than a ducks, to pardon the pun.
Personally i think that Hispania will need Tonio when they put the updates on the car as theese will need baselining against what they had. If Hispania do sell a ride in a F1 car it wil be for FP1, and id recon they could get anything up to €100,000 for this priveledge, also they could sell the Test & Reserve seat as part of this for up to €5m for the season, that will give a driver up to 19 FP1s in the season (Expect him to sit out at least Monaco, India and Singapore) and be given between 2 and 4 days in the young driver testing at the end of they year.
Its quite hard to say exactly without having some insider trading, but the assumptions i have made are all based arround costings i have read in corperate magazines and buisness pages, not to mention what i also have read from trusted media and blogs.