The holders were already trailing from the first leg and were stunned by Juan Roman Riquelme’s wonder goal for Boca.
Paulinho equalised for Corinthians in the second half but it was not enough to save the holders, who had won last year’s competition against Boca in the final.
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Liverpool have unveiled their new home kit for next season, sticking with the hugely popular retro styling of the current shirt.
The reputation of the Premier League means it is the most popular and one of the most watched leagues in the world.