Some ties to the university remain: the club logo is the same as the university's sport logo, an owl, used in the university as a symbol of wisdom. The uniform colors are, like the university's colors, the same. And instead of the logo, the shirt has a big red U. Administratively, there were minor ties, for example, the previous university's rector said that the club must change the name if the directive want to make it a private property, also the best students to enter to the university receive a member card of the club.
In 2006 the club was declared in bankruptcy and received an imposed administration that was very criticized by the supporters, as the new chairman immediately fired club symbols, 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 businessman.
The new university's rector make a turn in the relationship with the club after the bankruptcy and allowed the use of the university's name and symbols in a private club in exchange of a royalty. During 2007 the imposed administration sold the club to a private group (Azul Azul).
Universidad Católica is the traditional rival, as the teams inherited the universities rivalry in their origins. Since the 1973 military coup the club engaged in a fan-rivalry with Colo-Colo as Universidad de Chile supporters were more related to left-wing ideas and Colo-Colo was favored by the dictatorship and even named Pinochet their honorary president. Also during this time, the two teams emerged as the most populars Chilean clubs. These days the rivalry with Colo Colo is the greatest in Chile, while that with Catolica is significantly less important.
The club has made a name for itself, not only through its victories (it is one of two teams in Chile with 12 national cups), but also from the enthusiasm of its fans, an enthusiasm carried ever since the team's professional debut, when the daily news posted that "the fans of Universidad de Chile were all the game chanting and supporting their team, from the bus that brought them to the stadium until the end of the game". That enthusiasm has never failed and when the team were relegated to the second division the fans were still there for every game. The fans usually refer to their love for the team with the phrase "More than a passion, a feeling".
After the golden age of the Blue Ballet, the club did not win another cup for 25 years, and in 1988 were relegated to the second division (they won that division and returned to the first division the following year). The team finally won another cup in 1994 after a spectacular final match for which 20,000 fans of "La U" arrived in El Salvador, a mining town populated by 5,000 people.
The following year "La U" won the cup again in the last match, this time in front of 80.000 people in the National Stadium. After that the team won back-to-back titles in 1999 and 2000 and then won the Apertura in 2004.
On the international stage "La U" have had a pair of good runs in Copa Libertadores, most notably in 1996 when they reached the semifinals (the referee of the match was widely criticised for his bad performance that favored their opponents, River Plate).
As of January 23, 2008