[2] from Brazil, after the team defeated Deportivo Cali, from Colombia, in the decisive match held at Estádio Palestra Itália, São Paulo, on June 16, 1999.

The first leg of the final, played on June 2 in the Colombian city of Cali at Estadio Olímpico Pascual Guerrero, saw Deportivo win 1-0.

The coach who led Palmeiras to this historic victory was Luiz Felipe Scolari, who, years later, guided the Brazilian national team to its fifth World Cup title.

A similar scenario unfolded in the 2000 edition, this time in the semi-finals, again decided by penalties (5-4) and once more favoring Palmeiras, who advanced to the final.

Both Brazilian teams, along with Cerro Porteño, advanced from Group 3, leaving Paraguayan club Olimpia in last place with just 5 points.

Vasco da Gama (winner of the previous edition of the tournament) received a bye to the playoff bracket.