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The 1995 Copa Libertadores final stages were played from 26 April to 30 August 1998 and consisted of the round of 16 (or second stage), quarter-finals, semi-finals and the finals. A total of 16 teams competed in the final stages to decide the champions of the 1995 Copa Libertadores.

The final stages had a one-month break between the quarter-finals and semi-finals due to the 1995 Copa América held from 5 July to 23 July 1995.

Qualified teams

The winners, runners-up and third placed teams of each of the five groups in the group stage advanced to the round of 16, alongside defending champions Vélez Sarsfield, who received a direct bye to this round.

Group	Winners	Runners-up	Third-placed teams
1	River Plate	Peñarol	Independiente
2	Cerro Porteño	Olimpia	Caracas
3	Millonarios	Atlético Nacional	Universidad Católica
4	Palmeiras	Grêmio	Emelec
5	Sporting Cristal	Bolívar	Alianza Lima

Seeding

In the final stages, the teams were seeded according to the pre-established numbering they received according to the final position they occupied in their respective group. Numbers 1, 5, 9, 13 and 17 correspond to each group winners; numbers 2, 6, 10, 14 and 18 to runners-up; and 3, 7, 11, 15 and 19 to third placed teams.

Seed	Grp	Team	Pld	W	D	L	GF	GA	GD	Pts	Round of 16
1	1	River Plate	6	3	3	0	11	6	+5	12	Match A
2	1	Peñarol	6	2	3	1	9	7	+2	9	Match F
3	1	Independiente	6	2	1	3	8	8	0	7	Match D
5	2	Cerro Porteño	6	4	2	0	16	6	+10	14	Match B
6	2	Olimpia	6	3	3	0	16	7	+9	12	Match G
7	2	Caracas	6	2	0	4	8	18	−10	6	Match E
9	3	Millonarios	6	3	1	2	3	9	−6	10	Match C
10	3	Atlético Nacional	6	2	3	1	5	3	+2	9	Match F
11	3	Universidad Católica	6	2	1	3	5	6	−1	7	Match A
13	4	Palmeiras	6	4	1	1	15	5	+10	13	Match D
14	4	Grêmio	6	3	2	1	12	7	+5	11	Match G
15	4	Emelec	6	1	2	3	8	12	−4	5	Match B
17	5	Sporting Cristal	6	3	3	0	15	4	+11	12	Match E
18	5	Bolívar	6	2	3	1	8	5	+3	9	Match H
19	5	Alianza Lima	6	1	2	3	10	11	−1	5	Match C

Format

In the final stages, the 16 teams played a single-elimination tournament with the following rules:

• In the round of 16, quarter-finals, semi-finals and finals, each tie was played on a home-and-away two-legged basis. If tied on points after the two legs the goal difference would be applied. if still tied, extra time was not played, and a penalty shoot-out was used to determine the winners.
• In the event that the two Argentine teams from the group stage qualify for the round of 16, the lower-seeded team between these two would face defending champion Vélez Sarsfield in order to prevent three Argentine teams from reaching the quarter-finals.
• If two teams from the same national association reached the quarter-finals, they had to face each other, and those teams that had to face them formed another tie under the same conditions.
• If one or more games are settled in the quarter-finals between clubs belonging to the same national association, the Match S1 would correspond to the pair including the lower-seeding team. The following matches would be determined according to the same criteria.
• In all cases in which the order of legs could not be determined, the lower-seeding team had to host the first leg. Defending champions Vélez Sarsfield had to host the second leg in the round of 16.

The above criteria were established to ensure that the four semifinalists would be of different nationalities (Regulations Section III, Article 3).

Bracket

The original bracket for the final stages was determined as follows:

Per regulations, the original bracket had the following modifications:

• In the round of 16, Independiente and Bolívar swapped positions. Independiente had to faced Vélez Sarsfield in order to avoid three possible Argentine teams in the quarter-finals.
• In quarter-finals, the two Argentine teams, the two Colombian teams and the two Brazilians teams had to face each other, and the order of the ties was rearranged according to the regulations.

	Round of 16							Quarter-finals							Semi-finals							Finals
	15	Emelec (p)	2	0	2 (5)
	5	Cerro Porteño	0	2	2 (4)
								Emelec		3	1	4
								Sporting Cristal		1	1	2
	7	Caracas	2	3	5
	17	Sporting Cristal	2	6	8
															Emelec		0	0	0
															Grêmio		0	2	2
	6	Olimpia	0	0	0
	14	Grêmio	3	2	5
								Grêmio		5	1	6
								Palmeiras		0	5	5
	18	Bolívar	1	0	1
	13	Palmeiras	0	3	3
																						Grêmio		3	1	4
																						Atlético Nacional		1	1	2
	10	Atlético Nacional	3	3	6
	2	Peñarol	1	1	2
								Atlético Nacional		2	1	3
								Millonarios		1	1	2
	19	Alianza Lima	1	0	1
	9	Millonarios	1	2	3
															Atlético Nacional (p)		1	0	1 (8)
															River Plate		0	1	1 (7)
	11	Universidad Católica	2	1	3
	1	River Plate	1	3	4
								River Plate (p)		1	0	1 (5)
								Vélez Sarsfield		1	0	1 (3)
	3	Independiente	0	2	2
	–	Vélez Sarsfield	3	2	5

Round of 16

The first legs were played on 25–27 April, and the second legs were played on 3 and 4 May 1995.

Team 1	Agg.Tooltip Aggregate score	Team 2	1st leg	2nd leg
Universidad Católica	3–4	River Plate	2–1	1–3
Emelec	2–2 (5–4 p)	Cerro Porteño	2–0	0–2
Alianza Lima	1–3	Millonarios	1–1	0–2
Bolívar	1–3	Palmeiras	1–0	0–3
Caracas	5–8	Sporting Cristal	2–2	3–6
Atlético Nacional	6–2	Peñarol	3–1	3–1
Olimpia	5–0	Grêmio	0–3	0–2
Independiente	2–5	Vélez Sarsfield	0–3	2–2

Match A

Universidad Católica	2–1	River Plate
Acosta 42' Lunari 88'	Report	Gallardo 51'

River Plate	3–1	Universidad Católica
Berti 12' Gallardo 26' Francescoli 38'	Report	Ardiman 24'

River Plate won 4–3 on aggregate and advanced to the quarter-finals (Match S1).

Match B

Emelec	2–0	Cerro Porteño
Verduga 57' E. Hurtado 63'	Report

Cerro Porteño	2–0	Emelec
Villamayor 28' Ferreira 55'	Report
Penalties
Villamayor Torales Delvalle Gamarra Ferreira	4–5	Vidal González Ron Poroso Fajardo I. Hurtado

Tied 2–2 on aggregate, Emelec won on penalties and advanced to the quarter-finals (Match S1).

Match C

Alianza Lima	1–1	Millonarios
Rodríguez 19'	Report	Mosquera 42'

Millonarios	2–0	Alianza Lima
Rendón 39' López 41'	Report

Millonarios won 3–1 on aggregate and advanced to the quarter-finals (Match S2).

Match D

Bolívar	1–0	Palmeiras
Mercado 48'	Report

Palmeiras	3–0	Bolívar
Válber 1', 90' Rivaldo 55'	Report

Palmeiras won 3–1 on aggregate and advanced to the quarter-finals (Match S2).

Match E

Caracas	2–2	Sporting Cristal
González 12' (pen.) Díaz 90'	Report	Solano 10' (pen.) Julinho 59'

Sporting Cristal	6–3	Caracas
Maestri 10' Julinho 48', 60' Solano 56' Jor. Soto 71' Palacios 76'	Report	Salisú 12', 79' Díaz 29'

Sporting Cristal won 8–5 on aggregate and advanced to the quarter-finals (Match S3).

Match F

Atlético Nacional	3–1	Peñarol
García 6' Aristizábal 18', 32'	Report	Otero 8'

Peñarol	1–3	Atlético Nacional
Silva 27'	Report	Aristizábal 12' Gaviria 61' Osorio 85'

Atlético Nacional won 6–2 on aggregate and advanced to the quarter-finals (Match S3).

Match G

Olimpia	0–3	Grêmio
	Report	Dinho 28' Jardel 56' Paulo Nunes 63'

Grêmio	2–0	Olimpia
Jardel 17' Adilson Batista 55'	Report

Grêmio won 5–0 on aggregate and advanced to the quarter-finals (Match S4).

Match H

Independiente	0–3	Vélez Sarsfield
	Report	Flores 45', 50' Bassedas 56'

Vélez Sarsfield	2–2	Independiente
Sánchez 6' Flores 36'	Report	Mazzoni 21' Rotchen 60'

Vélez Sarsfield won 5–2 on aggregate and advanced to the quarter-finals (Match S4).

Quarter-finals

The first legs were played on 26 July, and the second legs were played on 2 August 1995.

Team 1	Agg.Tooltip Aggregate score	Team 2	1st leg	2nd leg
River Plate	1–1 (5–3 p)	Vélez Sarsfield	1–1	0–0
Atlético Nacional	6–2	Millonarios	3–1	3–1
Grêmio	6–5	Palmeiras	5–0	1–5
Emelec	4–2	Sporting Cristal	3–1	1–1

Match S1

River Plate	1–1	Vélez Sarsfield
Amato 85'	Report	Zandoná 12'

Vélez Sarsfield	0–0	River Plate
	Report
Penalties
Trotta Chilavert Zandoná Herrera	3–5	Gallardo Díaz Ortega Amato Cedrés

Tied 1–1 on aggregate, River Plate won on penalties and advanced to the semi-finals (Match F1).

Match S2

Atlético Nacional	2–1	Millonarios
Arango 7' Aristizábal 77'	Report	Iguarán 88'

Millonarios	1–1	Atlético Nacional
León 38'	Report	Serna 36' (pen.)

Atlético Nacional won 3–2 on aggregate and advanced to the semi-finals (Match F1).

Match S3

Grêmio	5–0	Palmeiras
Arce 41' Arílson 52' Jardel 64', 81', 90'	Report

Palmeiras	5–1	Grêmio
Cafu 29', 84' Amaral 38' Paulo Isidoro 58' Mancuso 69' (pen.)	Report	Jardel 16'

Grêmio won 6–5 on aggregate and advanced to the semi-finals (Match F2).

Match S4

Emelec	3–1	Sporting Cristal
E. Hurtado 21', 53' Vidal González 36'	Report	Astegiano 10'

Sporting Cristal	1–1	Emelec
Pinillos 78'	Report	Tenorio 9'

Emelec won 4–2 on aggregate and advanced to the semi-finals (Match F2).

Semi-finals

The first legs were played on 9 August, and the second legs were played on 16 August 1995.

Team 1	Agg.Tooltip Aggregate score	Team 2	1st leg	2nd leg
Atlético Nacional	1–1 (8–7 p)	River Plate	1–0	0–1
Emelec	0–2	Grêmio	0–0	0–2

Match F1

Atlético Nacional	1–0	River Plate
Higuita 55'	Report

River Plate	1–0	Atlético Nacional
Amato 48'	Report
Penalties
Gallardo Díaz Ortega Amato Cedrés Ayala Astrada Almeyda	7–8	Higuita Pabón Gutiérrez Mosquera Serna García Santa Foronda

Tied 1–1 on aggregate, Atlético Nacional won on penalties and advanced to the finals.

Match F2

Emelec	0–0	Grêmio
	Report

Grêmio	2–0	Emelec
Paulo Nunes 30' Jardel 41'	Report

Grêmio won 2–0 on aggregate and advanced to the finals.

Finals

The first leg was played on 23 August, and the second leg was played on 30 August 1995.

Grêmio	3–1	Atlético Nacional
Marulanda 35' (o.g.) Jardel 43' Paulo Nunes 55'		Ángel 72'

Atlético Nacional	1–1	Grêmio
Aristizábal 12'		Dinho 85'

Grêmio won 4–2 on aggregate.

References

1. "Revista CONMEBOL N° 38" (PDF) (in Spanish). CONMEBOL. Retrieved 21 March 2023.
2. "Revista CONMEBOL N° 37" (PDF) (in Spanish). CONMEBOL. Retrieved 21 March 2023.
3. "Revista CONMEBOL N° 40" (PDF) (in Spanish). CONMEBOL. Retrieved 21 March 2023.

External links

• Copa Libertadores de América 1995, at RSSSF.org

• Copa Libertadores
• February 1995 sports events in South America
• April 1995 sports events in South America
• July 1995 sports events in South America
• August 1995 sports events in South America