Jerry Buss, owner of the Los Angeles Lakers, has died at age 80. He was at Cedars-Sinai Medical Center in Los Angeles.

One of the most successful NBA owners, Buss oversaw 10 championships with the Showtime Lakers and later under Shaquille O'Neal and Kobe Bryant.

Buss had been ailing for some time, spending the past 18 months in treatment for cancer. The cause of death was identified as kidney failure.

NBA Commissioner David Stern mourned the loss of a "visionary owner" and "friend."

As an owner, Buss did not shy away from spending money to build champsionship-caliber teams. Star players as well as coaches, including Pat Riley and Phil Jackson, helped drive the Lakers to success.

Although he did not have a tremendous personal fortune, Buss found creative ways to fund his endeavors. He helped to found a sports television network, and sold the naming rights to the Forum, both of which were innovations in his time. In 2010, he was inducted into the Pro Basketbasll Hall of Fame.

Mayor of Los Angeles, Antonio Villaraigosa, called Buss a "cornerstone" of the city who will be missed.

Buss had earned a Ph.D in chemistry early in life, and worked in aerospace before his breakthrough in real estate investing. HIs ventures paid off, and he used the money to purchase the Lakers and the NHL Kings from Jack Kent Cooke in a blockbuster $67.5 million deal. The team is currently estimated to be worth $1 billion.