EL SEGUNDO, Calif. -- The Los Angeles Lakers will honor former coach Pat Riley with a statue outside their downtown arena.

The Lakers announced Monday that they have commissioned a statue to stand in Star Plaza immortalizing the coach who won four championships with the "Showtime" Lakers of the 1980s. Riley also won championship rings with the Lakers as a player and an assistant coach.

The 79-year-old Riley has been part of the Miami Heat as a coach and executive for the past three decades, but his NBA roots are planted firmly with the Lakers. He played for Los Angeles from 1970 to 1975, and he was a team broadcaster before becoming Paul Westhead's assistant in 1979.

He took over as head coach in 1981 and led the Lakers through one of the most dynamic eras for any team in NBA history. With Magic Johnson and Kareem Abdul-Jabbar leading an exciting team with a groundbreaking fast-break offense, the Lakers went 533-194 (.733) in Riley's tenure and added 102 playoff victories over nine mostly outstanding seasons.

"Pat is a Lakers icon," Lakers owner Jeanie Buss said in a statement. "His professionalism, commitment to his craft and game preparation paved the way for the coaching we see across the league today. My dad recognized Pat's obsession and ability to take talented players and coalesce them into a championship team. The style of basketball Pat and the Lakers created in the 80s is still the blueprint for the organization today: an entertaining and winning team."

Riley will become the eighth Lakers luminary to be honored with a statue in Star Plaza, which has become a popular tourist attraction. The others are Abdul-Jabbar, Johnson, Elgin Baylor, Jerry West, Kobe Bryant, Shaquille O'Neal and broadcaster Chick Hearn.

Riley went on to coach the New York Knicks for four seasons before becoming the Heat's team president and coach in 1995. He has remained Miami's president ever since, and he won another NBA title in 2006 during his two stints as the Heat's head coach.