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The club was founded on 2 January 1921, by sportsmen from the Italian colony of Belo Horizonte as Societ Sportiva Palestra Itlia. As a result of the Second World War, the Brazilian federal government banned the use of any symbols referring to the Axis powers in 1942.
The Mega-Sena is the largest lottery in Brazil, organised by the Caixa Econmica Federal bank since March 1996.