You are asking me something to which you already have an answer - I assume that the people who have been working on this project for some time are not the same ones who have been working on it for the past ten years - it is logical that the old team would fix everything within a reasonable time.
Why would someone sell a profitable business (if it still is) after 10 years? Well, for the same reason why many successful companies are sold and change owners, or simply because the owner has made a lot of money and wants to enjoy retirement.
Your assumptions is very valid, but the part that confuses me is the part where you said the person who bought it isn't capable of running it. No body in their right senses or frame of mind will spend a lot of money on something he or she can't run, and cant also get/hire professionals to run it for him or her, it makes no sense logically, believing that if indeed freebitco was sold, the buyer would have paid really heavy for it, money isn't easy to come by and people this days are very careful in choosing where they invest in order not to invest wrongly.
I initially suggested that the site might be running on autopilot, and so far, considering the current state of the site, I still might go with that assumption, though I think someone usually do come around from time to time to fix a few things and then go away again..
Or may be the real owner of the site is not capable of the running the site physically, may be is not so well and so someone else is running the site for him.
It could be that this new owner is not able to handle the site very well and so we are seeing all these delays and issues.
Just another guess but who knows whats happening behind the scenes.