well sort of. In 1948, a Copa de Campeones was held in Santiago, won by Vasco da Gama of Brazil; this tournament has been recognized as a precursor of the Copa Libertadores by the South American Federation (CSF). http://www.rsssf.com/sacups/copa48.html Venue Santiago (Chile) Participants Colo Colo (Chile) - National champions of 1947 and hosts Emelec (Ecuador) - apparently invited (no national championship) Lítoral (Bolivia) - La Paz champions of 1947 Municipal (Peru) - National runners-up of 1947 Nacional (Uruguay) - National champions of 1947 River Plate (Argentina) - National champions of 1947 Vasco da Gama (Brazil) - Rio de Janeiro champions of 1947 (undefeated)