Buss had been reported to be in hospital last week fighting an undisclosed form of cancer.
Buss purchased the Lakers, their former Forum arena, the Los Angeles Kings National Hockey League team and a 13,000-acre Kern County ranch from Jack Kent Cooke for $67.5 million in 1979.
When Buss bought the Lakers, they had won one championship in the previous 25 seasons. Buss made the Lakers one of the biggest draws in Los Angeles with a combination of shrewd personnel moves on and off the court and a feel for show business glamour.
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