Zubeldía had a respectable playing career with Vélez Sársfield, Boca Juniors, Atlanta and Banfield and the Argentina national football team.

In that year's Intercontinental Cup, Estudiantes defeated Bobby Charlton's Manchester United 1–0 in Buenos Aires, and achieved a 1–1 tie at Old Trafford on 16 October 1968.

Estudiantes lost their Intercontinental Cup finals to A.C. Milan and Feyenoord, respectively, but they did win the less prestigious Copa Interamericana in 1969.

On 17 January 1982 Zubeldía died of a heart attack in Medellín, Colombia at the age of 54, while setting a bet on horse race.

Zubeldía's legacy was carried to fruition by the key tactical player of his Estudiantes, Carlos Bilardo, who went on to become one of the most successful coaches in Argentine history.