"Failed to initialize the player" means you're missing files for the game to load. This is usually the case because when you extracted the files from HolyKnightRicca_Data.7z, it already contained the folder HolyKnightRicca_Data. So you ended up with a sub folder of the same name in HolyKnightRica_Data folder. Thus causing you to be missing all the important game data files.
Basically if you have "...\HolyKnightRicca_v132en\Game\HolyKnightRicca_Data\HolyKnightRicca_Data\..." you've failed to follow the second step.
Watch the video tutorial if you're unable to follow the steps properly.
Basically if you have "...\HolyKnightRicca_v132en\Game\HolyKnightRicca_Data\HolyKnightRicca_Data\..." you've failed to follow the second step.
Watch the video tutorial if you're unable to follow the steps properly.