1987 saw the club's ultimate heartbreak in the Copa Libertadores. "Los Diablos Rojos" advanced to the final for the third time in a row, earning a shot at Uruguayan giants Peñarol. América won the first leg 2–0, and then took a 1–0 lead early in the second leg. It looked like the Copa Libertadores was at last coming to Cali. However, Peñarol rallied to win 2–1, then defeated América 1–0 in extra time in the ensuing playoff match in Santiago. It had been yet another near miss.