LOS ANGELES (CBSLA.com) — CBS2 News confirms that Los Angeles Lakers owner Jerry Buss has been hospitalized in the Intensive Care Unit at Cedars-Sinai Medical Center.

CBS2′s Jim Hill confirms that 79-year-old Buss is suffering from “an undisclosed form of cancer.”

Buss purchased the team and its former home, the Great Western Forum, from Jack Kent Cooke in 1979. He also acquired the Los Angeles Kings and a 13,000-acre ranch in Kern County as part of the $67 million deal.

Under Dr. Buss, the Lakers evolved into one of the most prestigious franchises in professional sports. The team has won 10 NBA Championships under his ownership, and the Lakers were recently valued at $900 million by Forbes.

Buss has suffered from several medical setbacks in recent years, including blood clots in his legs back in 2011. He also underwent an undisclosed surgery in August of last year.