That makes no sense.
If BAe don't take risks, then surely the fact that they have just invested millions in the company means they don't think it is a risk?
You can't have it both ways
Tourist - that's actually a good point and I was being (slightly) facetious which you probably have guessed from my suggestion of using warmed-over 748/ATP as the launch vehicle.
However, based on their track record to date, BAE will be betting on the ESA partner nations eventually stumping up funds to complete the project: both for the airframe and the engines. The amount they've invested is pin money compared to the total required but they see a reasonable chance of a government-cushioned pay-off as in virtually all the projects in which they invest. SpaceX they're not.