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Either

A: The download got corrupted if so try downloading again.

or

B: You can try the sequel "Anime World Tournament HD" and maybe have better luck launching that.

Here Is the link:

(Itch.io link) https://legendaryxp.itch.io/anime-world-tournament...

(Gamejolt link) http://gamejolt.com/games/anime-tournament-mugen-h...