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...