The match is contested by the winners of the South American and European second-tier competitions UEFA Europa League and CONMEBOL Sudamericana, respectively.

Organised as an annual one-off match, it is a equivalent to the former Supercopa Euroamericana, which featured the winners of the South American and European second-tier competitions.

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.

[2] 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.

[1] The UEFA–CONMEBOL Club Challenge can be considered a successor to the Supercopa Euroamericana, played in 2015 for the first time and organised by American satellite-television company DirecTV, as a friendly football tournament, until in 2017, when the match was cancelled, after the crash of LaMia Flight 2933, carrying the majority of the Chapecoense squad on their way to the first leg of the 2016 Copa Sudamericana finals.