It's hard to tell whether £12.5m equates to an SW-scale project or not... it's either a very low cost SW/major year or a very high cost off-year. What actually is the price threshold for an SW/major CAPEX year? I was always led to believe that it was £10m, but the conversation about £12.5m "not equalling an SW" suggests otherwise.
I have a theory... could the "SW9" budget possibly have been split between the Nemesis retrack and this ride? Many have argued that the park doesn't need SW9 right now, and while neither the Nemesis retrack nor this ride would equate to a typical SW-scale project, they would match or exceed an SW budget put together and are both things that were said to be needed more than an SW.
Although with Merlin investing like hell at the moment, I wouldn't be at all surprised if we saw SW9 come along in 2026! Chessington allegedly had £60m allocated to it between 2022 and 2026, so if Towers has a similar budget to play with in that timeframe, then I could certainly see SW9 coming along just after Project Horizon!