The South American Championship of Champions was a football competition played in Santiago, Chile in 1948 and the first continental-wide clubs football tournament in South America. Hosted and organized by Chilean club Colo Colo with the aid of then president of CONMEBOL Luis Valenzuela, it was played between February 11 and March 17. Brazil's Vasco da Gama won the competition after earning the most points in the round-robin tournament.

Club Social y Deportivo Colo-Colo is a Chilean professional football club based in Macul, Santiago. Founded in 1925 by David Arellano, it competes in the Chilean Primera División, from which the club has never been relegated. The team has played its home games at Estadio Monumental David Arellano since 1989. Colo-Colo is regarded as the most successful club in Chilean football.