It was their third Copa Libertadores title and first in eight years, which they achieved by defeating Argentinean club Newell's Old Boys 3–1 on aggregate.

Prior to the 1989 Recopa, Nacional and Racing Club had previously met four times in South American competition.

The first meeting between the two sides took place in the Group 2 of the 1962 Copa Libertadores; Nacional beat Racing Club 3-2 at home, and held La Academia at a 2-2 draw in Avellaneda.

The first leg was held in Estadio Centenario, built between 1929 and 1930 to host the 1930 FIFA World Cup, as well as to commemorate the centennial of Uruguay's first constitution.

The José Amalfitani Stadium, home of Vélez Sarsfield, was built in 1947 and later remodeled in preparation for the 1978 FIFA World Cup.