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I believe that Louis Armstrong did own a baseball team. It was called "Armstrong's Secret 9 Baseball Team of New Orleans". It was an all black team I have an 8x10 photo dated 1931 of him with his team.
When they play on their own field.
Yankees
Padres
No, but he did own the USFL's New Jersey Generals.
The Red Sox
he had his own baseball team
yes
Rockford PeachersThe movie "A League of their own" was about the Rockford Peaches, a team that played in the AAGPL. (All American Girls Professional Baseball League)
When a majority of the players came through the team's own minor league system.
Linda Alvarado was the first Hispanic American to own a MLB team. That team was the Colorado Rockies.