Yes, V-Real Interactive (correct spelling) was a developer for Jaguar. The Arena Football Title was at probably 80-90% complete when theJaguar platform died. I'm certain there are a few prototypes out there.
(Email Interview with Lou Viveros, owner of V-Real Interactive)

V-Reel will develop and market Arena Football exclusively for Jaguar. This represents the first license of the Arena Football League for home video game systems.
(AEO 3/4)

While still shots of Arena Football make for great pictures, the self running demo was not that impressive, it was just running too slow. The intro screens were very nicely animated... all being completely rendered. The game screen itself reminded me of a cross between Cyberball and Madden 3DO. I'm sure they can improve the speed for the final version, in which case Arena looks to be one of the top football games out there. The demo showed digitized characters with rendered uniforms for a surreal football feeling. While the animation was nice on the intro screens, it just wasn't there on the actual game screen. While I didn't spend a lot of time observing Arena, it was apparent that this game still has a way to go in development.
(AEO at SCES 1994)