“This virtual machine’s policies are too old to be run by this version of VMWare”

You are running a new version of VMware Player and try to start an older guest operating system, perhaps one you have not run in a while. You probably need to do two things in your image files, assuming your image name is “guest”:

policy.vm.managedVM = “FALSE”
policy.vm.managedVMTemplate = “TRUE”
policy.vm.mvmtid = “52 d6 6f f9 f3 36 0f 9f-31 da 9f f5 90 7b ce 76”