[1][2] Organised as an annual one-off match, it is a youth competition equivalent to the former Intercontinental Cup, which featured the senior club champions of Europe and South America.

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.

[3] 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.

[4] The official opening of the Joint UEFA and CONMEBOL Representation Office was held on 4 April 2022, where representatives of both confederations and Uruguayan club Peñarol met to agree on the creation of the Under-20 Intercontinental Cup.

[7][8] On 2 June 2022, the day after staging the 2022 Finalissima, CONMEBOL and UEFA officially announced a series of new events between teams from the two confederations.