The Olympians were founded in 1949 and were originally slated to play in the National Basketball League (NBL).

[1] The Olympians were led by University of Kentucky alumni Alex Groza[2] and Ralph Beard, both of whom were key contributors on the gold medal winning 1948 US Olympic basketball team.

An Olympic alternate and UK grad, Joe Holland, played forward for the Indianapolis team through the 1952 season.

After the 1951 season, Groza and Beard were suspended from the NBA for life by commissioner Maurice Podoloff when the players admitted point shaving during their college careers.

The Olympians finished with a 28–43 record in 1953, and folded after that season on April 23, 1953.