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Yes it is. If the player or players is/are sent off before the game starts, for instance while teams and referees warm up in the pitch. In this case, a player who has been sent off before the kick-off may be replaced only by one of the named substitutes.
A named substitute who has been sent off, either before the kick off or after play has started, may not be replaced. So, as long as a team has enough named substitutes to replace possible sent off players before kick-off it can start the game with 11 players.