Editing Colo-Colo (section)

=== 1999–present: Bankruptcy and recovery ===
In 1999, after Benítez's departure, the club entered a serious financial crisis. On 23 January 2002, after years of economic mismanagement under the leadership of Peter Dragicevic as president,<ref name="Levanta de Quiebra">{{cite web |first = Pedro Pablo |last = Vivanco del Río |url = http://www.todoalbo.cl/el-club/historia/ |title = Historia de Colo-Colo en Internet |work = Todoalbo.cl |access-date = 23 March 2013 |archive-date = 6 March 2013 |archive-url = https://web.archive.org/web/20130306102944/http://www.todoalbo.cl/el-club/historia/ |url-status = live }}</ref> the club was declared bankrupt. A court judge named Juan Carlos Saffie as bankruptcy trustee and administrator responsible for the institution not lose its legal status.<ref name="Levanta de Quiebra"/> Despite the bankruptcy, under [[Jaime Pizarro]] as coach – key player in the obtaining of the [[1991 Copa Libertadores]] – "Los Albos" won the [[2002 Chilean Primera División season|Torneo de Clausura]], with a playing squad composed almost completely of youth players.<ref>{{cite web |first = Eduardo |last = Espina |year = 2005 |url = https://www.rsssf.org/tablesc/chile02.html |title = Chile 2002 |work = Rec.Sport.Soccer Statistics Foundation ([[RSSSF]]) |access-date = |archive-url = https://web.archive.org/web/20130315030041/http://rsssf.com/tablesc/chile02.html |archive-date = 15 March 2013 |url-status = live }}</ref> Three years later, in 2005, the joint-stock company Blanco y Negro<ref name = "salah">{{cite web |author = Sitio Oficial de Colo-Colo |year = 2013 |url = http://www.colocolo.cl/arturo-salah-asumio-como-nuevo-presidente-de-colo-colo/ |title = Información Corporativa Club Social y Deportivo Colo Colo 2013 |access-date = 25 April 2013 |archive-date = 3 November 2023 |archive-url = https://web.archive.org/web/20231103131150/https://www.colocolo.cl/arturo-salah-asumio-como-nuevo-presidente-de-colo-colo/ |url-status = live }}</ref> took over the administration, acquiring all club assets for thirty years in exchange for paying all outstanding debts through a concessionaire and undergoing an opening process enlisting at the [[Santiago Stock Exchange]].<ref name="Levanta de Quiebra"/> In the first half of 2006, the judiciary court lifted its bankruptcy.<ref name="Levanta de Quiebra"/>

[[File:Colo Colo Campeón 2006.jpg|thumb|left|250px|Colo-Colo squad celebrating the [[Chilean Primera División|2006 Torneo de Clausura]] obtaining.]]
With the Argentine [[Claudio Borghi (football manager)|Claudio Borghi]] appointed coach in 2006, and with players like [[Matías Fernández (footballer, born 1986)|Matías Fernández]] and [[Humberto Suazo]], Colo-Colo played scintillating football and obtained the ''Bicampeonato'' winning the [[Chilean Apertura Tournament|Apertura]]<ref>{{cite web | date= 21 February 2008 | url= http://papeldigital.info/ltdep/edicion.html?20060703010022 | title= Bravo por el eterno campeón | work= Papel Digital | access-date= 24 March 2013 | archive-url= https://web.archive.org/web/20090111164721/http://papeldigital.info/ltdep/edicion.html?20060703010022 | archive-date= 11 January 2009 | url-status= dead }}</ref> and [[Chilean Primera División|Clausura]] tournaments.<ref>{{cite web | date= 20 February 2008 | url= http://papeldigital.info/ltdep/edicion.html?20061225010022 | title= Festejo entre copas | work= Papel Digital | access-date= 24 March 2013 | archive-url= https://web.archive.org/web/20090112001430/http://papeldigital.info/ltdep/edicion.html?20061225010022 | archive-date= 12 January 2009 | url-status= dead }}</ref> The squad reached another international final, the [[2006 Copa Sudamericana|Copa Sudamericana]], losing 2–1 to Mexico's [[CF Pachuca|Pachuca]]. That season, ''El Cacique'' was recognized in the month of October by the [[IFFHS]] as the world's club of the month.<ref>{{cite web | date= 20 October 2006 | url= http://www.iffhs.de/?3d4d443d0b803e8b447cce02285fdcdc3bfcdc0aec70aeedbc08 | title= The world's club of the month | publisher= [[IFFHS]] | access-date= 24 March 2013 | archive-date= 3 February 2012 | archive-url= https://web.archive.org/web/20120203130029/http://www.iffhs.de/?3d4d443d0b803e8b447cce02285fdcdc3bfcdc0aec70aeedbc08 | url-status= live }}</ref> The following season Colo-Colo won two more consecutive tournaments, winning a ''Tetracampeonato'' for winning four back-to-back championships, being the first Chilean team to achieve the feat.<ref>{{cite web |url = http://papeldigital.info/ltdep/edicion.html?20071224010022 |title = Blanca Navidad |publisher = La Tercera |access-date = 20 February 2008 |archive-url = https://web.archive.org/web/20090111161310/http://papeldigital.info/ltdep/edicion.html?20071224010022 |archive-date = 11 January 2009 |url-status = dead }}</ref>

After Borghi's departure, the club obtained its 28th title defeating [[CD Palestino|Palestino]] in the [[Torneo de Clausura de Chile 2008|2008 Torneo de Clausura]] finals under the coaching of [[Marcelo Barticciotto]], and with [[Lucas Barrios]] as its top goal scorer, who equaled the goal tally record of Luis Hernán Álvarez scored by a Colo-Colo footballer during a single season with 37 goals.<ref>{{cite web |url = http://www.terra.cl/deportes/index.cfm?accion=futbolnacional&id_reg=1090066&XjWpZ=PqZ23&titulo_url=%A1Colo_Colo_campeon!_Logro_su_estrella_28_con_historico_goleador |title = ¡Colo Colo campeón! Logró su estrella 28 con histórico goleador |publisher = La Tercera |date = 20 December 2008 |access-date = 24 March 2013 |archive-date = 17 December 2008 |archive-url = https://web.archive.org/web/20081217011259/http://www.terra.cl/deportes/index.cfm?accion=futbolnacional |url-status = dead }}</ref> The following season, the club became the first professional team to play in Rapa Nui [[Easter Island]].<ref>{{cite web |url = http://es.fifa.com/worldfootball/news/newsid=1086835.html |archive-url = https://web.archive.org/web/20090807025016/http://es.fifa.com/worldfootball/news/newsid=1086835.html |url-status = dead |archive-date = 7 August 2009 |title = Juego del siglo en Rapa Nui | publisher = [[FIFA.com]] |date = 6 August 2009}}</ref> After a poor [[Torneo de Apertura de Chile 2009|Torneo de Apertura 2009]] – not reaching the play-offs for the first time – "Los Albos" started the Clausura or Closing Championship very poorly and languishing in the table standings in the relegation spots. The team however reached the tournament play-off finals against Universidad Católica, beating them 4–2 at the [[Estadio Santa Laura-Universidad SEK|Santa Laura]], with players like [[Esteban Paredes]], [[Macnelly Torres]] and [[Ezequiel Miralles]], coached by [[Hugo Tocalli]].<ref>{{cite web |url = http://www.emol.com/noticias/deportes/detalle/detallenoticias.asp?idnoticia=387952 |title = No hay caso con Colo-Colo de amenazado con el descenso a campeón |publisher = Emol.com |date = 9 December 2009 |access-date = 24 March 2013 |archive-date = 2 July 2017 |archive-url = https://web.archive.org/web/20170702022345/http://www.emol.com/noticias/deportes/detalle/detallenoticias.asp?idnoticia=387952 |url-status = live }}</ref> Colo-Colo's following championship was in [[2013–14 Colo-Colo season|2014]] after winning the [[2013–14 Campeonato Nacional season|Torneo de Clausura]]. It was the team's 30th Chilean League title.