Lafayette businessman Seenu G. Kasturi will not buy American Restaurant Concepts Inc., the operator and franchisor of Dick’s Wings restaurants, the company announced Monday.

Seenu, chief executive officer of Blue Victory Holdings, had signed a deal to buy American Restaurant in January. However, some of Kasturi’s other franchise contracts limit the amount of American Restaurants’ stock he can own to 10 percent of the total.

As a result, Jacksonville, Fla.-based American Restaurants sold a controlling interest in the company to William D. Leopold II, who had partnered with Kasturi as a financial planner before retiring.

Dick’s Wings has 16 full-service restaurants and two express restaurants.