[3] The idea for the tournament was put forth by club officials of the three South American teams that had won the Intercontinental Cup—Peñarol, Santos, and Racing.

The corresponding UEFA officials were contacted and the tournament was scheduled to start in November and include Real Madrid and Inter in addition to the three past South American Intercontinental Cup winners.

Santos finished ahead of Peñarol and Racing Club and were to play Inter in June for the cup.

Both Real Madrid and Inter declined to compete as the 1970 FIFA World Cup qualification was underway in Europe.

The tournament went unrecognised for many years until in September 2005, these titles were officially recognised by the CONMEBOL despite their improper conclusions.