Chile aspires to be the fourth South American team to play in the Olympic Games, which only their neighbours Argentina, Brazil and Venezuela were able to achieve in the 52-year history of the sport in the much-anticipated quadrennial. Chile have invested on the development of their young players in the last few years, exposing them to participate in international competitions and some training camps in the United States. Last year, they felt that improvement as they finished third in the continental qualification tournament for Rio 2016, where Chilean star Sebastian Gervert earned MVP honours. Chile defeated Colombia in the thrilling tie-breaker, which gave them the bronze and another chance to earn the last Rio 2016 Olympic berth.
In 1961, the Chilean squad claimed the silver medal at the South American Championship in Lima, Perú. They had played one World Championship competition in 1982 in Argentina, where they were grouped with powerhouses the Soviet Union, the United States and Bulgaria in the preliminary round.