New York lawyer Joe Tacopina and Montreal Impact president Joey Saputo are promising to restore cash-strapped Serie B football club Bologna to its former glory.

The North Americans were presented as the new owners of the seven-time Serie A champion on Thursday.

New club president Tacopina says, "We plan to stay for decades, and our first goal is returning to Serie A."

Tacopina and Saputo will reportedly make an initial investment of 13 million euros ($16.5 million), and provide a 7 million euros payout to the club's previous owners.

Saputo, reported as the biggest investor in the deal, says "it's not important who the richest investor is. The important thing is that we're united. We want to restore the squad to its past glory."

Bologna last won the Serie A in 1964.