I see this get repeated frequently but development actually started in 2010 right after Warband was released, so we are officially pushing 11 years in development, not nine. They just announced the game to the media in 2012.I don't see how a small studio can mess up so badly on their flagship (only?) game and still survive. If it takes them 9 years to develop a game this broken, the studio won't be around much longer.
TW Press Release where they mention when they started.
Dev Blog with someone hired specifically to work on Bannerlord in 2010.