The first FIFA Club World Championship took place in Brazil in 2000. but the failure of ISL caused FIFA to discontinue the tournament and cancel the following year competition to be held in Spain. This first failed instalment ran parallel with the Intercontinental Cup (also known as European/South American Cup), a competition organised jointly by the Union of European Football Associations (UEFA) and the Confederación Sudamericana de Fútbol (CONMEBOL) first disputed in 1960 by the winners of the European Champions' Cup and the Copa Libertadores. FIFA finally managed to buy the prestigious Japanese Event and in 2005, after the Intercontinental Cup's last edition, that competition was merged with FIFA. The failed FIFA Club World Cup's first edition was renamed as "FIFA Club World Championship" and a new Trophy replaced the Intercontintenal Cup Thophy as well as the Toyota Cup. In 2006, the tournament took its current name.