The Copa Libertadores is a seasonal association football competition that was established in 1960. It begins in mid-February and ends with the finals in June or July of the same year. The Copa Libertadores is open to the league champions of CONMEBOL member associations; clubs finishing from second to fourth position in the stronger leagues of the region, such as the Brazilian league, are also included. Originally, only the champions of their respective national league could participate in the competition. However, in 1966 this was changed to allow the runners-up of the leagues to compete. The finals are contested over two legs, one at each participating club's stadium. Peñarol won the inaugural competition in 1960, defeating Olimpia.
Independiente hold the record for the most victories, with seven wins since the competition's inception. They have also won the competition the most times consecutively, winning it four times from 1972 to 1975. Boca Juniors are second with six wins; they won their last title in 2007. Peñarol are third with five wins, their most recent of which was in 1987. Peñarol have lost the most finals; each team has lost the final on five separate occasions. Overall, 24 different clubs have won the competition since its inception in 1960. Clubs from Argentina have won the most Copas Libertadores, with 22 wins among them. Brazilian teams are second with 17 victories, and Uruguayan clubs are third with 8 victories.