If you converted USD 10 million it does not take 2 years to implement the accounced features!
You behave like the betking.io scam!
If I've understood correctly, features have mostly been delayed because it hasn't made sense to deploy them on the old, outdated site.
Hope that they choose the right path & strategy. Hire a decent team of developers and effectively manage them is another critical task as well as he will not get a good developer if salary paid is not at least 80k / year (might need to be over 100k to attract tallents for small sized company) for a labor market like US, if he's based in UK the price tag might be around that number or if he managed to hire employees from other cheaper labor countries such as China, India or Viet Nam the salary might decrease but will not less than 2000 USD a month (24k / year) and probably won't work out since he will need a physical office setup there.
That's the plan but I believe the issue is that finding devs who stick around is difficult. It's easy to find those who switch companies at every chance.
The key issue is the expertise level of the owner himself, if the owner can't control his team then the project won't work out with any progress (like he has no idea of what his project team leader talking about), hope that he is not just a tech savy (which know/have some knowledge of programming but not expert on it) but i really doubt since "features have mostly been delayed because it hasn't made sense to deploy them on the old, outdated site" show that it was a poorly designed framework/platform that lack of feasibility and extensibility. Trust me, I've worked for a software development company, which the boss know sale but know none of the technical, and it declining time by time because no progress is made but most of the time is for argument between the team and the boss on technical things.