Bath owner Bruce Craig believes the side can dominate in both England and Europe under his guidance.
The club have not won a piece of silverware since their 2008 Challenge Cup victory, which was their first trophy in 10 years.
"Winning the Heineken Cup and the Premiership has got to be the ultimate objective," Craig told BBC Points West.
"The ambition is to make that happen and bring back Bath to being the top club in England and in Europe."
Bath won six Premiership titles during their amateur years but have failed to match that success since joining the professional leagues in 1996.
Millionaire businessman Craig bought Bath from Andrew Brownsword in 2010 with his main focus on re-building the club.
He purchased a 99-year lease on Farleigh House in Somerset which serves as their main administrative headquarters and training ground and also kick-started plans to re-develop their home ground, The Rec.
And Craig says that these physical developments will aid their success on the field.
"A lot of work needs to be done to get us to that level. At Farleigh House, The Rec - those places need to be worked on so we've got the right people in place to be successful," he said.
"The opportunity to buy Bath, in terms of its prestige and the whole aura and being able to create again the glory years is a massive challenge.
"It was probably the best club in the amateur era and now in the professional era we haven't succeeded in the way the club could have done.
"What I will do is put in the infrastructure in the short-term so we can have a long-term future. It is all being put into place so the future of Bath is sustained."