On 10 December 2004, FIFA announced the restoration of the Club World Championship, replacing the Intercontinental Cup.
Dating back to 1960, the Intercontinental Cup matched the Copa Libertadores champions against the European Cup/Champions League winners, with the winner claiming the unofficial title as world champions. Originally played as a two-legged home and away series, in 1980 it rebranded as the Toyota Cup and switched to a single-game format, with the match played in Tokyo.
Meanwhile, in 2000, FIFA held a separate competition called the Club World Championship. Eight teams participated--one each from CONCACAF, CAF, AFC, and OFC, plus two from both UEFA and CONMEBOL. Although FIFA planned it as a continuing tournament, they eventually canceled the 2001 edition due in part to the loss of their marketing partner.
But in 2004, they decided to revive it, merging their earlier concept with the Toyota Cup. Played in Tokyo, the tournament included the winners of each of the six confederation championships in a knockout-round format. São Paulo won the first one, beating Liverpool 1-0 in the final.
Now known as the Club World Cup, FIFA holds the tournament every year, with Corinthians winning the most recent one in 2012.