The FIFA Club World Cub was born out of the Toyota Cup or the Inter-Continental Cup. The Inter-Continental Cup was the brainchild of Henri Delauney, the former general secretary of UEFA. His suggestion, that the champions of two continents should compete for one global trophy, also inspired the creation of the Copa Libertadores, South America’s answer to the European Cup.
Before the Club World Cup, the Intercontinental Cup served as the de facto global championship for clubs. Organized jointly by UEFA and CONMEBOL, it was contested between the winners of the European Cup/UEFA Champions League and the Copa Libertadores. This format was criticized for excluding clubs from other continents, leading to its eventual replacement.
Between 1960 and 1980 all Inter-Continental Cup finals were played over two legs. Strangely, up until 1968 points, not aggregate score, was the decisive factor and if the points were level, a third match was required. The first winners of the competition were Real Madrid; AC Milan, Penarol and Nacional have since won the competition a record three times each.
The competition came close to being disbanded in the 1970s when a number of European clubs, such as Ajax, Liverpool and Bayern Munich, complained at the over aggressive play of the South Americans. The competition has also survived such things as pitched battles, corruption claims and rule bending.
In 1980, Toyota came to the rescue with its proposal of sponsoring a one-off match to be played annually in Tokyo, in the hope of generating interest for football in Japan.
The modern era of the Club World Cup began in 2005, replacing the Toyota Cup (Intercontinental Cup). This format featured seven teams, including champions from six continental federations and the host nation's league winners.
FIFA's first attempt at a global club competition was the inaugural Club World Cup in 2000, hosted in Brazil. The tournament featured eight teams, including champions from all six confederations. Corinthians (Brazil) defeated Vasco da Gama in the final.
Despite its potential, the tournament's financial difficulties and organizational challenges delayed subsequent editions until 2005.
Real Madrid have the most number of the Club World Cup trophies, having won it five times so far. That includes three consecutive victories between 2016 and 2018.
Barcelona have won it three times, with their most recent success coming in 2015.
Source Information: https://www.manutd.com/en/history/trophy-room/intercontinental-cup
Source Information: https://www.goal.com/en-gb/lists/club-world-cup-evolution/bltb834a4985be5f6c3#csf0160ad4b7d638d3