Organised as an occasional one-off match, it is a national team equivalent to the defunct Intercontinental Cup between the club champions of Europe and South America.

The competition was the national team-equivalent to the Intercontinental Cup on the club level, played between the winners of the European Cup/UEFA Champions League and Copa Libertadores.

Argentina hosted the match at the Estadio José María Minella in Mar del Plata, and won 5–4 on penalties following a 1–1 draw after extra time.

[13] On 12 February 2020, UEFA and CONMEBOL signed a renewed memorandum of understanding meant to enhance cooperation between the two organisations.

As part of the agreement, a joint UEFA–CONMEBOL committee examined the possibility of staging European–South American intercontinental matches, for both men's and women's football and across various age groups.

On 15 December 2021, UEFA and CONMEBOL again signed a renewed memorandum of understanding lasting until 2028, which included specific provisions on opening a joint office in London and the potential organisation of various football events.