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the_dengle said:
Short version, Sakurai, a freelance game designer, is directing a Bamco team. I don't think any Nintendo employees are involved, but I may be mistaken.

It's pretty much guaranteed that, at the very least, there are some Nintendo employees overseeing development. They have a number of "studios" responsible for this sort of oversight, specifically the SPD studios. I would also imagine that HAL would be involved in development, to some degree (much in the same role as they played in Brawl, where they coordinated development).