Thanks to Driscoll's leadership and the fundamental support of Italian players like Carlo Caglieris, Gianni Bertolotti, Marco Bonamico and Luigi Serafini, Virtus won its seventh national championship, the first one after twenty years. In 1976–77, Virtus ended first in the regular season, however it lost the championship finals against Varese, by 2–0. In the following season, the Black V succeeded in reaching the national finals, but nonetheless it lost 2–1 against Varese again. The team also reached the final of the Cup Winner's Cup, but lost 84–82 against Gabetti Cantù. In 1978, after two consecutive second places, coach Peterson left the Black V to sign with Virtus historic rival, Olimpia Milan. This move was heavily criticised by Black V's fans, but it was approved by Porelli himself. However, despite the controversies which rose around his farewell, Peterson's legacy was huge: the American coach deeply changed the team's organization and contributed in bringing back Virtus to the top of Italian basketball after twenty years of struggles.
At the end of the season, Tracuzzi led Virtus to its fifth national title. The team doubled the next season, achieving a so-called "back-to-back". During the 1950s the first derbies were played against Gira and Moto Morini, the other two teams of Bologna. Due to the increasing fame of Virtus, the Sala Borsa was no longer suitable for hosting games; so in 1956, the long-time Mayor of Bologna, Giuseppe Dozza, inaugurated a new arena, which was simply known as "Sports Hall" and had a seating capacity of more than 7, 000 people.
However, a few days before the final, McMillian suffered a serious injury against Brindisi and was forced not to play in the final, which then Virtus lost by only one point against Maccabi Tel Aviv, after a very contested game and dubious referees' choices. After the defeat in the Cup, Porelli sacked Ranuzzi and hired coach Aleksandar Nikolić, worldwide known as "The Professor". The team was composed also by young and talented Italian players like Roberto Brunamonti and Augusto Binelli, as well as important foreign players, like the Bahamian center Elvis Rolle. Despite his fame, Nikolić did not succeed in bringing Virtus back to title, so in 1983, after the brief experiences of George Bisacca and Mauro Di Vincenzo, the 35 years-old Alberto Bucci, from Bologna, became the new head coach.
After a tough beginning, the season had a turning point during the Christmas derby against Fortitudo, which was soundly won by the Black V by 99–62. From then, Virtus started an outstanding season, characterized by an unrepeatable group capable of beating every record and becoming one of the strongest European teams of all time and, according to many, the strongest ever. On 28 April 2001, Virtus won its seventh Italian Cup against Pesaro, while on 10 May, the Black V won its second EuroLeague, defeating 3–2 Tau Cerámica, in the first and only series in the history of EuroLeague finals. Manu Ginóbili was elected Finals MVP.
During the summer, due to contrasts with Madrigali, Brunamonti also left the club, after nearly 20 years spent as player and general manager. After a soundly defeat in Fabriano, Tanjević was replaced by Valerio Bianchini, who failed in reaching the playoffs for the first time in Virtus history but succeeded in saving the team from relegation. However, suffering from serious financial problems, mainly caused by the failure of Madrigali's video game company CTO SpA, Virtus was excluded from the Serie A in August 2003, after missing payments to players, first of all the young Slovenian Sani Bečirovič.
On 19 June, Virtus won its 15th national championship, beating Paf Wennington Bologna 3–0, while Ginobili was elected Italian League MVP too. After the double in 1997–98, in 2000–01 season, Virtus completed a so-called Triple Crown (known in Italy as Grande Slam), winning all the trophies that it could won. In the following season, Virtus won its 8th Italian Cup, but after some defeats Madrigali fired Messina.
In the following season, Virtus signed Tom McMillen, a 22-years-old player from Maryland University, who was selected with the 9th overall pick by the Buffalo Braves during the 1974 NBA draft. He signed with the Braves but postponed his entry into the NBA to attend the University of Oxford as a Rhodes Scholar. McMillen lived and studied in the UK, but he moved to Bologna during the weekends to play basketball. At the end of the season, characterized by outstanding performances by McMillen, the team placed 4th in the national championship and was eliminated at the quarterfinals of the European Cup Winners' Cup. In 1975, McMillen started his career in the NBA, so Porelli and Peterson signed Terry Driscoll, a former NBA player and 4th overall pick in 1969 draft.
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However, after a field invasion by Virtus supporters before a match against Pallacanestro Trieste, Madrigali was forced to re-hire him. Despite this, the team lost 89–83 the EuroLeague final, which was held in PalaMalaguti, against Panathinaikos of Dejan Bodiroga and Željko Obradović, and was eliminated in the semi-finals for the national championship by Benetton Treviso. 2002–2003: Financial problems and interdiction In 2003, Ginóbili moved to the NBA, where he played for the San Antonio Spurs, and Ettore Messina was hired by Benetton, thus Bogdan Tanjević was appointed new head coach.
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The team's home court was the former church of Santa Lucia in the city center, which could host a few hundred people. The first official championship of Virtus dates back to 1934, the year in which the Bolognese team won the first division tournament, obtaining the promotion in the top tournament after a hard-fought group of playoffs against Unione Sportiva of Milan and Ginnastica Rome. Team's captain was Venzo Vannini, while other important players were Giuseppe Palmieri and Giancarlo Marinelli. After the promotion, Virtus settled permanently at the top of the national basketball league, and achieved a long series of honorable placings: in the nine championships disputed from 1935 to the outbreak of the Second World War, the Black V collected 6-second places, 2 third places, and a sixth place, however Virtus never achieved to win a national title.
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