"I lost my best friend to a long and stubborn battle with cancer," manager Stewart Young posted on the musician's website
. Lake died on December 7. He was 69 years old.
His death follows that of band member Keith Emerson, who died at the age of 71 in March of 2016. Emerson's death was ruled a suicide
. The keyboardist had suffered from heart disease and depression, according to a Los Angeles County Coroner's report.
The lone surviving member of ELP, drummer Carl Palmer, confirmed the death of his band mate.
"It is with great sadness that I must now say goodbye to my friend and fellow band-mate, Greg Lake," Palmer wrote on his website
Before starting Emerson, Lake & Palmer in 1970, Lake -- a lead vocalist, bass player and producer -- was a founding member of progressive rock group King Crimson.
ELP released nine albums, the first five of which reached the Billboard 200's top 10. Their 1970 self-titled debut included the hit single "Lucky Man" and became an instant classic.
"Greg's soaring voice and skill as a musician will be remembered," Carl Palmer wrote.
ELP has sold over 48 million records, according to Lake's website. He had completed a solo tour in 2013.
"Having lost Keith (Emerson) this year as well, has made it particularly hard for all of us. As Greg sang ...'death is life.' His music can now live forever in the hearts of those who loved him," Palmer said.