What's the English title got to do with anything? The name of the tournament in the game is King of Fighters in the Japanese version too.At some point I read that FF1 was considered a KOF…as in it takes the place of…KOF 91 or whatever, retroactively. The tournament everyone joins in the game is called The King of Fighters and Geese organized it.
However the name “Fatal Fury - The King of Fighters is only the English name. “King of Fighters” in real KOF is always written “King of Fighters” or “KOF” in both English and Japanese so…it’s a soft KOF, basically. I think when KOF 94 came out the idea was that it was a sequel to the idea of a rich asshole running a tournament with ulterior motives.
While you can’t play three-on-three there are only three playable characters in that games story mode.