LOS ANGELES - Los Angeles Lakers owner Jerry Buss died of cancer at age 80 on Monday.

"The NBA has lost a visionary owner whose influence on our league is incalculable and will be felt for decades to come," NBA commissioner David Stern said. "More importantly, we have lost a dear and valued friend."

Buss, who entered the Basketball Hall of Fame in 2010, won 10 NBA titles as owner of the Lakers, more than any other team owner in league history.

He purchased the Lakers, ice hockey's Los Angeles Kings, their arena and a ranch from Jack Kent Cooke for $67.5 million in 1979.

The Lakers is now guided by Jerry's son Jim Buss on basketball matters and daughter Jeanie Buss on the business side.

"We not only have lost our cherished father but a beloved man of our community and a person respected by the world basketball community," said a statement from the Buss family released by the club.