The 1967 FIBA World Championship was held in South America for the fifth consecutive time, this time in Montevideo, Uruguay. The 1967 tournament ushered in a new era in the World Championship – it was the first all-European final and the first tournament that had a qualification process, albeit an informal one. The Soviet Union, Yugoslavia, Poland, and Italy qualified by finishing in the top four at EuroBasket 1965; Japan grabbed the Asian qualifier spot by winning the 1965 ABC Championship; and Argentina, Brazil, Peru, and Chile qualified by finishing in the top four at the 1966 South American Basketball Championship. They were joined by hosts Uruguay and North American teams USA, Mexico, and Puerto Rico, which had no formal qualification process. Israel was also invited, but declined the participation. Chile likewise elected not to participate and were replaced by fellow South American side Paraguay. For the first time, a European team won the tournament, as the Soviet Union finished the round robin final round in first place despite an early 59–58 loss to the United States. Yugoslavia, Brazil, and the United States each finished at 4–2, with Yugoslavia taking the silver and Brazil the bronze based on their head-to-head results. The United States once again sent a hodgepodge team, assembling for the first time only ten days before the tournament. The hosts Uruguay were embarrassed in multiple ways – they finished last in the final round after going only 1–5 in the tournament, and games were hosted in "The Cylinder", a massive steel and concrete structure that required blankets and electric heaters for the players when temperatures inside dropped to . Starting with this tournament, the Naismith Trophy was awarded to the tournament champion.