The first match of the competition took place between Venezuelan sides Deportivo Táchira and Monagas in San Cristóbal, Venezuela.

During the match, Carlos Bravo became the first player to score a goal in the competition.

San Lorenzo, invited for being the winners of the 2001 Copa Mercosur, won the competition after thrashing Atlético Nacional 4–0 on aggregate and became the first winners of the Copa Sudamericana.

In each tie, the team with the higher seed will play at home in the second leg.

In the finals, if the finalists are tied on points after the culmination of the second leg, the winner will be the team who scored the most goals.