L.A. LAKERS' OWNER, JERRY BUSS IS DEAD!

79 year-old Los Angeles Lakers' owner, Jerry Buss died early this morning.

Buss had been hospitalized for the past few months due to a previously undisclosed intestinal problem ... though it was revealed yesterday he'd been battling cancer the entire time. Boss started his career as a chemist, Buss soon found his true calling in the real estate biz ... snapping up properties all over L.A. before moving on to the sporting world...he acquired the L.A. Kings, the Lakers and The Forum for $67.5 million In 1979, that year, he made history by transacting the largest transaction in sports. Those who played for him? Kareem Abdul-Jabbar, Magic Johnson, James Worthy, Shaquille O'Neal and Kobe Bryant -- won 10 NBA Championships. And He was inducted into the Basketball Hall of Fame in 2010.