June 21, 1946 -- Bill Veeck buys MLB baseball team Cleveland Indians for $2.2 million. Veeck used an unorthodox financing mechanism. He devised what he called a debenture-stock group, which allowed his backers to leverage their investment by paying only a small amount for stock and putting the majority of their money in the form of a loan to the team (the debenture), then leverage it again by borrowing most of the purchase price. He put up just $268,000 in cash for a 30 percent share of the club. His audacity continued. The Indians finished sixth in 1946 and rose only to fourth the next year, although attendance jumped to 1.5 million, second best in the league. Veeck signed the AL’s first black player, Larry Doby, in July 1946. The next year he signed Negro Leagues legend Satchel Paige, played up the mystery surrounding Paige’s age, and had a new drawing card as well as a useful pitcher. Then in 1948, Cleveland's Baseball team won the World Series. Didja know? The whirlwind schemes couldn't last. In 1949, Veeck's first wife, Eleanor, filed for divorce. Because most of Veeck's money was tied up in the team, he was forced to sell out to fund the divorce settlement.