Libertad Asunción

The club was founded on 30 July 1905 by a group of young men and students. Its first president was Juan Manuel Sosa, who chose the club's name.

Since winning its first championship in 1910, Libertad has always been overshadowed by the two big clubs in Paraguay: Olimpia and Cerro Porteño, who together won most of the Paraguayan football national championships. Despite that, Libertad has confirmed its position as the third "big" team of Paraguay by winning 21 championships, ten more than Guaraní, which has eleven.

In 1952, Libertad participated in the Copa Rio. The club played three matches. In the first match against Austria Wien, the opposition won 4–2. In the next match, against Corinthians, the Brazilians won 6–1. In its last game against German club 1. FC Saarbrücken, the Paraguayan club won 4–1, to finish the cup with one win and two defeats.

The club's first participation in the Copa Libertadores was in 1968, where they finished last with one win, one draw and 4 losses in a group containing Peñarol, Nacional, and Guaraní. In the 1977 Copa Libertadores Libertad reached the semi-finals. They began their campaign by finishing first in their group. That gave them qualification to the semi-finals, where they had to play two legs against Boca Juniors and Deportivo Cali. The winner of the group advanced to the finals, which was Boca Juniors. Libertad finished last of the semi-finals group with one win, one draw and two losses.

In 1998, the club was relegated for the first time in its history. In the Apertura tournament it finished last, and in the Clausura it finished second-to-last. A 4–3 defeat to rivals Guaraní on the last matchday, as well as their league position in 1997, secured the club's relegation. The club spent two years in the second tier before returning to the top tier in 2001 after winning the league title in 2000. The club went through lots of success after their return to the top tier, as noted by winning the league titles in 2002 and 2003.

Libertad reached the semi-finals of Copa Libertadores for the second time in history in 2006, where Libertad topped its group and beat powerhouses Corinthians and River Plate on their way to being knocked out by winners Internacional. Despite the elimination, more success came for the club, because it became a three-time-champion by winning the 2007 Clausura, 2008 Apertura, and 2008 Clausura.

In the 2013 Copa Sudamericana, the club made the semi-finals, beginning their campaign in the first stage by beating Montevideo Wanderers and Mineros in the second stage. Then they beat Sport Recife and Itagüí in the round of 16 and quarter-finals, before being eliminated by Lanús, who eventually won the competition. They also made the semi-finals again in 2017, losing to another Argentine club, Independiente, who also won the competition.