It was contested by 19 teams, and it ran from December 1966, to April 1967.

Ignis Varese defeated Maccabi Tel Aviv, in the final, to become the competition's first champion.

*Duvbo withdrew before the first leg and Dinamo București received a forfeit (2-0) in both games.

**Originally, the champion of the Moroccan Cup was drawn to play against the Italian Champion, but no team of the North African country was designated to play this competition.

* After a 152 aggregate drew, a third decisive game was held in which Maccabi Tel Aviv won 75–51.