The idea for the tournament was put forth by club officials of the three South American teams that had won the Intercontinental Cup—Peñarol, Santos, and Racing. In November 1968, the tournament was announced in Buenos Aires. Earlier that year in September, Estudiantes de La Plata had defeated Manchester United in the 1968 Intercontinental Cup but would not be included in the immediate 1968 Intercontinental Supercup. Instead, Estudiantes would be present in the 1969 edition. The corresponding UEFA officials were contacted and the tournament was scheduled to start in November and include Real Madrid and Inter in addition to the three past South American Intercontinental Cup winners.