Universidad de Concepcion

The club was founded on 24 May 1927, as Club Deportivo Universitario by the merger of Internado FC and Club Universitario de Deportes. Initially, the club was formed by students of the Universidad de Chile and was the sport brand of the university until 1980 when the university's rector and president of the club at the time (both of them appointed by the Pinochet dictatorship) decided to separate the club from the university and created the CORFUCH to manage the football team. This move was a part of the atomization of the Universidad de Chile made by the military dictatorship to strengthen the private universities that were founded during that time and also to reduce state power. This was seen as a major blow to the club, as it was left with nothing but a loyal fan base. From then on, the club started to decline in terms of results on the field and lack of support from various sectors of the economy when other major clubs in Chile were helped by main powers such as the government, the catholic church, and Codelco. Eventually, the team's poor performances led to a relegation to second division in 1988, and threats to dissolve the club were made by the university if the team did not manage to return to the first division within a year. In 1989, Universidad de Chile were able to earn the 2nd division's championship, thus bringing them back to the first division, where they have remained since then.

Bankruptcy and Azul Azul

In 2006, the club declared bankruptcy and received an imposed administration that was criticized by the supporters, as the new chairman immediately fired many club workers and tried to transform the club into a private company of public stocks, being opposed to the decision of the club members in a previous assembly. The team finished the year with the worst campaign in the club history and the almost-sure transformation into private company due to the ties between the appointed chairman and several businessmen.

During 2007, the imposed administration gave the club into concession to a private group (Azul Azul). In 2008, the new university's rector agreed to enter a contract with the now private club, in which he allowed the use of the university's name and symbols in exchange for a royalty and the right to appoint two out of the eleven directors of the board.