| Group 1 | 16/03/1989 | Cobreloa | - | Club Olimpia | 2:0 | ||||
| Group 1 | 29/03/1989 | Sol de América | - | Club Olimpia | 5:4 | ||||
| Round of 16 | 11/04/1989 | Boca Juniors | - | Club Olimpia | 6:7 pso | ||||
| Quarter-finals | 18/04/1989 | Club Olimpia | - | Sol de América | 2:0 | ||||
| Quarter-finals | 25/04/1989 | Sol de América | - | Club Olimpia | 4:4 | ||||
| Semi-finals | 16/05/1989 | Internacional | - | Club Olimpia | 3:5 pso | ||||
| Final | 23/05/1989 | Club Olimpia | - | Atlético Nacional | 2:0 | ||||
| Final | 30/05/1989 | Atlético Nacional | - | Club Olimpia | 5:4 pso |
Paraguay