Los Angeles Lakers owner Jerry Buss, who helped  transform the franchise into the most successful and glamorous team in North  American professional sports, died today, according to the Los Angeles Times.  He was 79.

      Buss had spent time in the intensive care unit at Cedars-Sinai Medical  Center with an undisclosed form of cancer, according to the Times.

      In December 2011, he was hospitalized for treatment of blood clots in his legs that officials said were caused by extensive traveling.

      In 1979, Buss purchased the Lakers, Forum, Los Angeles Kings hockey team  and a 13,000-acre Kern County ranch from Jack Kent Cooke for $67.5 million,  then the largest transaction in sports history.

      When Buss purchased the team, it had won one championship in the  previous 25 seasons and had lost nine times in the NBA finals during that span,  including four seven-game series.

      Buss combined show business glamour and sex appeal with shrewd personnel  moves -- both on and off the court -- to make the Lakers become what NBA  Commissioner David Stern once said was "the standard by which all L.A. sports  franchises and most American franchises get measured."

      In Buss' first season as owner, the Lakers won the NBA championship,  then added four more titles in the following eight seasons, as the Magic  Johnson-led fast-breaking "Showtime" offense enthralled both the general  public and celebrities like Academy Award-winning actor Jack Nicholson, who  became regulars in the courtside seats.

      Under Buss, the Lakers became the first basketball team to have a dance  squad: the Laker Girls, who also developed a devoted following and inspired  creation of similar squads by every other team in the league.

      The Lakers won three more NBA championships from 2000-2002 with teams  led by Shaquille O'Neal and Kobe Bryant. Bryant-led teams won titles in 2009  and 2010.

      The Lakers' 10 championships under Buss' ownership are the most by a  team in any of the four major North American professional leagues since he  purchased the team. Buss' 10 championships as an owner are the most in NBA  history.

      Buss was selected for the Basketball Hall of Fame in 2010. During the  induction ceremony at the Springfield Symphony Hall in Springfield, Mass., the  site of the Hall of Fame, Buss said he was "probably happier than anyone" to  be inducted "because most of the people that come up here have an inkling of  the idea someday they may make the Hall of Fame.

      "Believe me, when I was 21, I never thought I'd be enshrined," Buss  said during the ceremony

      Buss, accompanied on the stage by fellow Hall of Fame members Kareem  Abdul-Jabbar, Johnson and Pat Riley,  recalled how he "was an overly  competitive, but underly endowed player" in high school, who "turned to heavy  studies" and "eventually won a scholarship to the University of Wyoming."

      Born Jan. 27, 1933, in Salt Lake City and raised in the tiny mining and  sheep ranching community of Kemmerer, Wyo., Buss came to Southern California to  attend graduate school at USC, where he received a doctorate in physical  chemistry.

      Buss taught at USC and worked in the aerospace industry, then joined  with aerospace engineer Frank Mariani in forming Mariani-Buss Associates, a  real estate firm, whose initial goal was to provide Buss with income to pursue  his love of teaching.

      Instead, Buss parlayed an original $1,000 investment in a West Los  Angeles apartment building into a fortune that would enable him to enter  professional sports ownership.

      Buss made his initial foray into professional sports in 1974 when he  purchased full control of the Los Angeles Strings of World Team Tennis.

      In 2006, Buss received a star on the Hollywood Walk of Fame, honored in  the television category for co-founding with the late cable pioneer Bill  Daniels the Prime Ticket regional cable sports channel in 1985, which showed  the Lakers' home games, along with other events from the Forum, college sports  and other events.

      Despite others' fears that televising home games would hurt attendance,  Prime Ticket generated millions of dollars annually through the sale of  television rights fees and ended up bolstering the Lakers' attendance by  creating greater interest in the team.

      The Lakers are expected to remain in control of the Buss family. Son Jim  is the team's executive vice president of player personnel and daughter  Jeanie is executive vice president of business operations.

      Another son, Johnny, is executive vice president of strategic  development and another daughter Janie Drexel is director of charitable  services, while son Jesse is director of scouting.

      In addition to his five children involved with the Lakers, son Joey is chief executive officer of the Los Angeles D-Fenders, the Lakers' NBA  Development League affiliate.