Club Olimpia is a Paraguayan professional football club based in the city of Asunción. It promotes the practice of various sports, with most importance given to the football, rugby and basketball sides, football being the most successful. The club was founded on July 25, 1902, by a group of young Paraguayans, and the name stems from the idea of its principal founding member, William Paats, a Dutchman based in Paraguay, who is considered the father of Paraguayan football for having introduced the practice of the sport in the South American country. Internationally, the club is referred to as Olimpia Asunción in order to distinguish it from Latin American football clubs of the same name.

Asunción is the capital and the largest city of Paraguay. The city stands on the eastern bank of the Paraguay River, almost at the confluence of this river with the Pilcomayo River. The Paraguay River and the Bay of Asunción in the northwest separate the city from the Occidental Region of Paraguay and from Argentina in the south part of the city. The rest of the city is surrounded by the Central Department.