The tournament was open to all the past winners of the Copa Libertadores.

A total of 13 football clubs entered the first round draw.

The tournament's top scorer was Sergio Oliveira of Nacional and Antonio Alzamendi of River Plate with 4 goals each.

Up until the beginning of 1988, thirteen teams had won the Copa Libertadores at least once since its inaugural season in 1960.

* Although Racing and Santos FC played in a first round tie, their series was placed in the quarterfinals due to the winner Racing getting a bye to the semifinal.