After the sale to an American conglomerate collapsed, Bologna have now passed over to local businessman Renzo Menarini.
The newly promoted club had agreed a deal with Tag Partners, represented in negotiations by lawyer Joe Tacopina, but they failed to meet deadlines and so the contracts were torn up.
Owner Alfredo Cazzola was seeking new investors and found them within his own boardroom, as Menarini was already the minority shareholder with 37 per cent.
Now the local construction magnate has bought up the remaining 63 per cent of the Rossoblu shares.
It will be completed by September 30 at a cost of around £10m and until that date Cazzola will remain as President.
"I am very pleased to give this announcement, as it provides what I had always hoped for since taking the side from Serie B to the top flight," said Cazzola in today's press conference.
"I won't sit here and look back over what happened in the last few months, but those events turned out to be a blessing in disguise, as Bologna FC remain in the hands of the people who already controlled the club."
This deal puts the same value on shares that had been proposed to the American investors in June.
"We are bringing in director Pier Giovanni Ricci, who already worked with Cazzola in the past, and the director of sport will remain Fabrizio Salvatori," added new owner Menarini.
"As for the role of President, I have to think about it. I have two children and my daughter, who is here with me today, is a huge football fan.
"We are all in love with this club and want to see them progress in Serie A. We expect great things."
Source: C4 Football Italia