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Professional baseball was first played in Indianapolis in 1887. After 15 years of various franchises competing in various leagues (including four years in the National League and one year in the American Association), the current Indianapolis Indians franchise was founded as an original member of the American Association in 1902. That year's team won 95 games and the first of 21 pennants.

The ballclub played its early seasons at several ballparks, including two on Washington Street, before Norm Perry, who took ownership of the team in 1929, built a new stadium on 16th Street in 1931, the Indians playing their first game there on September 5, 1931. He named the park Perry Stadium in honor of his brother James who had been killed in a plane crash. That ballpark, which was renamed Victory Field in 1942 and Bush Stadium in 1967, remained the Tribe's home until July 1996.

Norm Perry sold the team to Frank E. McKinney and Donie Bush in December 1941. Those two men ran the club for 10 seasons.