On 17 June 1992, São Paulo won their first Copa Libertadores, beating Newell's Old Boys on penalties. It was an appropriate ending, as the only goals scored over both legs of the Final were penalties.
Newell's Old Boys hosted the first leg one week earlier and won, 1-0, with a 39th-minute penalty kick from midfielder Eduardo Berizzo. The teams met at São Paulo's Estádio do Morumbi for the second leg, where the match somehow remained scoreless deep into the second half despite constant end-to-end runs and flowing attacks from both teams.
The balance finally tipped in the 65th minute when the referee awarded a dubious penalty to the hosts. Midfielder Raí Souza Vieira de Oliveira (younger brother of Brazil's legendary Sócrates) converted the kick, blasting it into a bottom corner to even the series. The match ended 1-1, requiring a shootout to determine the winner.
The first attempt fell to Berizzo, who hit the post. Later, with the teams level at 2-2, Old Boys keeper Norberto Scoponi saved the shot from São Paulo defender Ronaldão, but Old Boys were unable to capitalize, as forward Alfredo Mendoza then sent his attempt over the bar. São Paulo scored on their next try, which meant that defender Fernando Gamboa needed to convert his shot in order to keep the shootout going. But São Paulo keeper Zetti guessed correctly, diving low to his left to swat the ball away and give the trophy to São Paulo.
São Paulo successfully defended their title in 1993 and won it once more in 2005. Old Boys, meanwhile, who were losing finalists in 1988, have yet to make it back to the final.