This suggestion inspired Emil Olson's grandson, Will Borg, to bring volunteers together and begin fundraising efforts to restore the ship.

With restoration nearly complete, the ship was reinstalled on display at the eastern end of Leif Erikson Park in Duluth, Minnesota during 2001.

Fundraising efforts initially aimed to return the ship to Leif Erikson Park in Duluth with a new, secure display structure.

The Duluth City Council unanimously voted to officially transfer ownership of the Leif Erikson to Save Our Ship in June 2021.

In November 2021, the Leif Erikson was moved from storage to be displayed in Knife River, Minnesota–20 miles Northeast of Duluth on the shore of Lake Superior.