They've already committed a few mill which can go to the start up costs over next 12 months. The big $ commitment would then kick in 25-26 for a 27/28 admission. In which case it wouldn't be announced until next years budget.
That'd mean no money is getting spent until 18 months before they play their first game. It's doomed to fail if that is the case.
Also, with no money promised in the budget, and an election next year, the team could be announced this year, and then never actually get any funding. What happens then?