It's almost certainly Windows User Account control preventing the game from writing to the save folder, that's why you're getting the error when it tries to create the game. Try exiting the Steam client, then running it again by right-clicking and selecting "Run as Administrator" and then launch FHM5. If that doesn't work, try going directly to the FHM5.exe (likely in C:\Program Files (x86)\Out of the Park Developments\Franchise Hockey Manager 5 unless you changed the installation location) and doing the right-click, run-as-admin from there.
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