Montreal Impact president Joey Saputo named co-owner of Bologna football club

Joe Tacopina, right, and Joey Saputo pose in front of the Bologna Football Club logo, in Bologna, Italy, Thursday, Oct. 16, 2014. A group of North Americans led by New York lawyer Joe Tacopina were presented Thursday as the new owners of Italy's cash-strapped Serie B soccer club Bologna. (AP Photo/Gianfilippo Oggioni)

BOLOGNA, Italy - 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.

"We plan to stay for decades, and our first goal is returning to Serie A," said Tacopina, the club's new president.

Saputo has been reported as the biggest investor in the deal.

"It's not important who the richest investor is," Saputo said. "The important thing is that we're united. We want to restore the squad to its past glory."

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.