Defending champions Peñarol were appearing in their second consecutive final, whereas Palmeiras were seeking to win the competition for the first time.

Peñarol even dispatched Olimpia in the semifinals with little difficulty as they won both matches of the series in a rematch of the previous year's finals.

Like the previous edition, Alberto Spencer scored a late goal in the first leg of the final to give his team a slight lead.

Going into São Paulo, José Sasía scored in the first two minutes of the match in order to give Peñarol their second consecutive title in the competition.

José Luis Praddaude became the first, and so far only, referee to officiate both matches of the final series in this competition.