The Club Atlético River Plate was founded in 1901 and by 1934, it had won two championships. At the time, the club was nicknamed "Los Millonarios" (The Millionaires in Spanish) because of the purchase of forward Carlos Peucelle for whom River had paid a huge amount of money. On October 31, 1934, River Plate purchased the land where the club was to build the new stadium in the neighborhood of Belgrano.[1]