Jerry Buss died this morning at Cedars-Sinai Hospital, according to a spokesperson.
He had been hospitalized for a type of cancer.
Buss had owned the Los Angeles Lakers since 1979.
He also bought the Los Angeles Forum, and the Los Angeles Kings hockey team in the same year.
Under his ownership, the Lakers won 10 NBA championships and the phrase "Showtime" became a mark of the team's high-flying style on the court, and a tribute to the high powered entertainers that made watching the Lakers at home an event.
In recent years, Buss had turned over much of the day-to-day operation of the Lakers to his son Jim.
Jerry Buss was 79 years old.