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.
Mumbai food: 9 dishes to try during 9 days of Navratri
Photos: Hrithik Roshan, Nidhhi Agerwal and Adah Sharma walk the ramp
Photos: Shah Rukh Khan spotted with new set of wheels
Photos: Kareena Kapoor Khan, Kangana Ranaut at the Mumbai airport
Chris Gayle's journey from bad boy to a loving partner and caring dad