If I was up for 1M to join a top tier touring band maybe I already made a few quid playing in other projects? As I haven't, that 1M would be going in the bank and I'd still be staying in motels etc. But I would buy some nice shirts to wear on stage.
I'd say the 1M was for woodshedding all the back catalogue and making himself available. It doesn't go far once you start spending it like you're a rockstar, so I wonder what his rake for the rest of the work is worth.