Jerry Buss dies: Longtime Los Angeles Lakers owner was 80

After being hospitalized for an undisclosed form of cancer, Los Angeles Lakers owner Jerry Buss has died. He was 80.

Buss has been suffering from poor health over the past few years, undergoing surgery in 2011 for blood clots in his legs. But despite his passing, his legacy as the man who brought the Lakers to their prime will live on for years to come. The Lakers won 10 NBA championships during Buss' reign.

"Jerry Buss helped set the league on the course it is on today," NBA Commissioner David Stern tells The Los Angeles Times. "Remember, he showed us it was about 'Showtime,' the notion that an arena can become the focal point for not just basketball, but entertainment. He made it the place to see and be seen."

Buss purchased the Lakers in 1979 for $67.5 million, a cost that also included the Los Angeles Kings and the Forum. Recently it was estimated that the Lakers alone are worth $1 billion.