I found this part in the Rules link on the first page, does it still apply?

Instead of a lord, a new player can elect to play as a group of mercenaries. If a game is already in progress, then any new players must join the game as a mercenary group. The term 'mercenary' is used loosely. A player could create a group of bandits, a holy order, a small band of adventurers, a violent group with an agenda, or any other sort of idea. For the purposes of this guide, however, the player will always be referred to as a mercenary .Playing as a group of mercenaries is a bit different from playing as a Lord. Aside from your settlement, if you elect to have one, you will not be responsible for a population at the game's start. It may happen that in the course of your career, you manage to obtain a fief of your own, but in the beginning, you will have little compared to the lords of Lundland. Player mercenaries start with 50 points to build their group. A player may spend these points on a settlement, settlement upgrades, troops and their equipment, or bullis that the player will start the game with.