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The club was founded on 7 July 1916 by a group of young men who named the club "Fénix" (Phoenix) after the mythological bird. The club's colors are violet (chosen to represent eternity) and white (to represent purity).
In 2002 the club qualified to play in Copa Libertadores for the first time, a feat they repeated in 2003, but the club were relegated from the Primera División at the end of the 2005/2006 season.