The club was founded on 2 January 1921, by sportsmen from the Italian colony of Belo Horizonte as Societ Sportiva Palestra Itlia. As a result of the Second World War, the Brazilian federal government banned the use of any symbols referring to the Axis powers in 1942.

With 15 titles, Argentina and Uruguay are the most successful Copa Amrica teams. Brazil has nine. The other former champions are Paraguay, Peru and Chile, with two titles each, and Bolivia, and Colombia, who have each won one.

While Brazil also lead in the Confederations Cup (four to one), Argentina are way ahead with a tally of 15 Copa America titles against Brazil's nine.