Every Team to Win Copa Libertadores in History – From Penarol to Palmeiras
10 min
Across Europe, most of the talk is about the Champions League and who will lift football’s most expensive club trophy this season. However, some in South America would argue that the Copa Libertadores is a more exciting competition to watch, as clubs from 10 countries battle it out to win the most prestigious prize on the continent. But which teams have had the most success in the competition?
Let’s take a look through every single winner of the Copa Libertadores from 1960 to present day.
How did Copa Libertadores start?
The birth of the idea behind the Copa Libertadores is said to have come from Copa Aldao clashes of the 1930s, a competition that pitted the champions of Argentina against the winners in Uruguay. An appetite for continental competition was certainly there in South America, with both club and national pride at the epicentre. In 1948, the South American Championship of Champions was born, with the winners of each South American domestic league fighting it out for the trophy. It was so successful that the European Cup was created just seven years later. Finally, in 1958, the board at Club Atletico Penarol pitched the idea of what would eventually become the Copa Libertadores. Not only was the tournament designed to find the best team in South America, but also a champion of the world after the winners were pitted against the European Cup winners each year. Coincidentally, Penarol went on to win the first two iterations of the Copa Libertadores.
Why is it called Copa Libertadores?
The tournament was originally called the Copa de Campeones de America from 1960 to 1965, which translated to the American Champions Cup. In 1965, it was renamed to Copa Libertadores. Libertadores were the leaders of the Spanish-American wars of independence. The translation of Copa Libertadores is therefore: Liberators of the Americas Cup.
What is the format of the Copa Libertadores?
The format of the Copa Libertadores is similar to that of the Champions League. There are initial stages, which are essentially qualifying rounds. Then there is a Group Stage – much like the old European format. Then there are knockout rounds until we have a final, and eventually, a champion. In the most recent 2025 iteration, teams from 10 different nations entered the Copa Libertadores competition. The more impressive their 2024 domestic achievements, the later they join the tournament. Most teams qualify by winning half-year tournaments or just by finishing in the top portion of their domestic table. 47 clubs compete in the Copa Libertadores per season. That includes four from Venezuela, four from Uruguay, four from Peru, four from Paraguay, four from Ecuador, four from Bolivia, four from Colombia, four from Chile, six from Argentina, and seven from Brazil.
Every Copa Libertadores Winner by Year from 1960 to Present Day
Since the very first competition back in 1960, there have been 27 different winners of the Copa Libertadores. To put that into perspective, only 23 different teams have won the European Cup/Champions League in a similar time frame. Argentina are the best-performing nation in the history of the tournament, but it has been dominated by Brazil in recent years.
2024: Botafogo beat Atlético Mineiro
2023: Fluminense beat Boca Juniors
2022: Flamengo beat Athletico Paranaense
2021: Palmeiras beat Flamengo
2020: Palmeiras beat Santos
2019: Flamengo beat River Plate
2018: River Plate beat Boca Juniors
2017: Grêmio beat Lanús
2016: Atlético Nacional beat Independiente del Valle
2015: River Plate beat UANL
2014: San Lorenzo beat Nacional
2013: Atlético Mineiro beat Olimpia
2012: Corinthians beat Boca Juniors
2011: Santos beat Peñarol
2010: Internacional beat Guadalajara
2009: Estudiantes beat Cruzeiro
2008: LDU Quito beat Fluminense
2007: Boca Juniors beat Grêmio
2006: Internacional beat São Paulo
2005: São Paulo beat Atlético Paranaense
2004: Once Caldas beat Boca Juniors
2003: Boca Juniors beat Santos
2002: Olimpia beat São Caetano
2001: Boca Juniors beat Cruz Azul
2000: Boca Juniors beat Palmeiras
1999: Palmeiras beat Deportivo Cali
1998: Vasco da Gama beat Barcelona SC
1997: Cruzeiro beat Sporting Cristal
1996: River Plate beat América de Cali
1995: Grêmio beat Atlético Nacional
1994: Vélez Sársfield beat São Paulo
1993: São Paulo beat Universidad Católica
1992: São Paulo beat Newell’s Old Boys
1991: Colo-Colo beat Olimpia
1990: Olimpia beat Barcelona SC
1989: Atlético Nacional beat Olimpia
1998: Nacional beat Newell’s Old Boys
1987: Peñarol beat América de Cali
1986: River Plate beat América de Cali
1985: Argentinos Juniors beat América de Cali
1984: Independiente beat Grêmio
1983: Grêmio beat Peñarol
1982: Peñarol beat Cobreloa
1981: Flamengo beat Cobreloa
1980: Nacional beat Internacional
1979: Olimpia beat Boca Juniors
1978: Boca Juniors beat Deportivo Cali
1977: Boca Juniors beat Cruzeiro
1976: Cruzeiro beat River Plate
1975: Independiente beat Unión Española
1974: Independiente beat São Paulo
1973: Independiente beat Colo-Colo
1972: Independiente beat Universitario
1971: Nacional beat Estudiantes
1970: Estudiantes beat Peñarol
1969: Estudiantes beat Nacional
1968: Estudiantes beat Palmeiras
1967: Racing beat Nacional
1966: Peñarol beat River Plate
1965: Independiente beat Peñarol
1964: Independiente beat Nacional
1963: Santos beat Boca Juniors
1962: Santos beat Peñarol
1961: Peñarol beat Palmeiras
1960: Peñarol beat Olimpia
Copa Libertadores Winners by Country
The fight for ultimate Copa Libertadores ascendancy is still being waged between Argentina and Brazil – and it is on a knife edge. Argentina dominated the tournament in the 1960s, 70s, and 80s but Brazil have been an absolute force since then. While Argentina still lead the way with 25 titles, Brazil are just one behind on 24. Interestingly, despite the two leading nations being separated by just a single trophy, Brazil don’t have a single team in the top six most successful Copa Libertadores clubs in history. Argentina, on the other hand, have four of the top five most successful teams. Beyond the big two nations, Uruguay are third in the all-time country table with eight wins and eight runners-up medals. Colombia and Paraguay both have three wins to their name, while Chile and Ecuador have just one. Mexico and Peru have come second three and two times respectively but have never tasted victory, while Bolivia and Venezuela have never even made the final.
| Nation | Won | Second place |
| Argentina | 25 | 13 |
| Brazil | 24 | 19 |
| Uruguay | 8 | 8 |
| Colombia | 3 | 7 |
| Paraguay | 3 | 5 |
| Chile | 1 | 5 |
| Ecuador | 1 | 3 |
| Mexico | 0 | 3 |
| Peru | 0 | 2 |
| Bolivia | 0 | 0 |
| Venezuela | 0 | 0 |
Who has the most Copa Libertadores titles?
The most successful Copa Libertadores-winning club may surprise some fans, seeing as they haven’t lifted the trophy since 1984. Argentinian side Club Atletico Independiente have tasted La Copa success a total of seven times in their history. A dominant force in the 1960s and 70s, Independiente have been somewhat of a sleeping giant in recent decades. The Buenos Aires-based team won back-to-back titles in 1964 and 1965 before winning four in a row between 1972 and 1975. Unfortunately for them, they only ever went on to win once more in 1984.
The second most successful Copa Libertadores team is perhaps less surprising – Boca Juniors. Arguably one of the two most supported and famous clubs in all of South America, Boca Juniors have lifted the continental trophy six times. Their most recent win came back in 2007, but they made the final as recently as 2023. Boca’s recent success would tend to suggest that they have a real chance of matching and surpassing Independiente’s record at some point in the next decade. Boca Juniors have appeared in more finals than any other club, winning six and losing six.
The rest of the top five is rounded out by Uruguayan side Penarol – the only non-Argentine team – River Plate, and Estudiantes. Penarol won the first two iterations of the Copa Libertadores and later added three more, but they have only appeared in one final since 1988. Having said that, only Boca have appeared in more finals than Penarol – winning five and losing five. River Plate have enjoyed a lot more recent success, winning one of their four titles in 2018 and making the final in 2019. Estudiantes, meanwhile, last lifted La Copa in 2009 but it was their only final appearance between 1971 and present day.
| Club | Country | La Copa Titles | Second Place | Seasons Won | Seasons Second |
| Independiente | Argentina | 7 | 0 | 1964, 1965, 1972, 1973, 1974, 1975, 1984 | |
| Boca Juniors | Argentina | 6 | 6 | 1977, 1978, 2000, 2001, 2003, 2007 | 1963, 1979, 2004, 2012, 2018, 2023 |
| Penarol | Uruguay | 5 | 5 | 1960, 1961, 1966, 1982, 1987 | 1962, 1965, 1970, 1983, 2011 |
| River Plate | Argentina | 4 | 3 | 1986, 1996, 2015, 2018 | 1966, 1976, 2019 |
| Estudiantes | Argentina | 4 | 1 | 1968, 1969, 1970, 2009 | 1971 |
| Olimpia | Paraguay | 3 | 4 | 1979, 1990, 2002 | 1960, 1989, 1991, 2013 |
| Nacional | Uruguay | 3 | 3 | 1971, 1980, 1988 | 1964, 1967, 1969 |
| Sao Paulo | Brazil | 3 | 3 | 1992, 1993, 2005 | 1974, 1994, 2006 |
| Palmeiras | Brazil | 3 | 3 | 1999, 2020, 2021 | 1961, 1968, 2000 |
| Santos | Brazil | 3 | 2 | 1962, 1963, 2011 | 2003, 2020 |
| Gremio | Brazil | 3 | 2 | 1983, 1995, 2017 | 1984, 2007 |
| Flamengo | Brazil | 3 | 1 | 1981, 2019, 2022 | 2021 |
Who has scored the most goals in Copa Libertadores history?
The top scorer in Copa Libertadores history is leading the way by an impressive 17 goals – and that man is Ecuadorian striker Alberto Spencer. It comes as no surprise that he is widely considered to be one of the greatest Ecuadorian players of all time. He made his Copa debut in 1960 and scored the vast majority of his goals for Penarol. He finished as the top scorer in 1960 and 1962 while lifting La Copa itself three times in 1960, 1961, and 1966.
The two closest challengers to Spencer’s crown come in the form of Fernando Morena and Pedro Virgilio Rocha, both of whom came from Uruguay and both of whom played for Penarol. That just goes to show how dominant Penarol were in the first five seasons of the Copa Libertadores. Morena managed 37 goals in 77 games, while Rocha netted 36 times in 89 matches for Penarol, Sao Paulo, and Palmeiras.
When it comes to current players who stand a chance of beating Spencer’s total, the future looks a little bleak. The only two active names near the top of the charts are Gabriel Barbosa and Miguel Borja, aged 28 and 32 respectively. Barbosa currently has 31 goals in 60 games, most of those coming in the colours of Flamengo. Borja has a similar record of 30 in 60, split between Atletico Nacional, Palmeiras, Atletico Junior, and River Plate. At their current scoring rate, they would both have to clock up well over 100 appearances to beat Spencer, a total only one man has ever achieved. Ever Almeida managed 113 appearances for Olimpia between 1973 and 1990 but never scored a single goal because he played as a keeper.
Which famous teams have never won Copa Libertadores?
A number of famous South American teams have failed to win Copa Libertadores over the years, although many will still harbour hopes of lifting La Copa in the future.
- Emelec – One of the most successful teams in Ecuador but they have never made it beyond the semi-finals in the Copa Libertadores.
- Millonairios – One of the biggest teams in Colombia and they have made the semi-finals three times but lost on all three occasions.
- Universitario – One of the most popular Peruvian clubs but they have only made the final once in 1972 and lost.
- Barcelona SC – The Ecuadorian giants may have played in five semi-finals and two finals, but they have never lifted the trophy.
- Alianza Lima – Even the most successful team in Peru has failed to make it to the final, losing in both the 1967 and 1978 semi-finals.
- Universidad de Chile – One of the biggest teams in Chile but they have a 100 per cent loss record in their four semi-finals.
- Deportivo Cali – A big name in Colombia but they lost their only final to Boca Juniors in 1978.
- America de Cali – No one has played in more Copa Libertadores finals without winning. In fact, they came second three years in a row between 1985 and 1987! America de Cali have been the bridesmaids four times in total without a trophy to their name.
Last updated: 05.03.2025
