Buss was attending the Carousel of Hope Ball, a celebrity-studded fundraising event at the Beverly Hilton in Beverly Hills, Calif., when he suffered an apparent torn muscle in his neck. He never lost consciousness, said Lakers spokesman John Black.
"Dr. Buss said he turned his head quickly and tore a muscle or partially tore a muscle in his neck," Black said.
Buss, 69, was taken to Cedars-Sinai Medical Center, where he was listed in stable condition, according to a hospital spokesman.
"They're treating him and may be running some tests," said Black, adding he expected Buss to be released shortly.
Buss purchased the Lakers and the Great Western Forum in 1979, the year before the team acquired Magic Johnson. The Lakers have won three straight NBA championships, bringing their total to eight under Buss' ownership.
Celebrity Families of 2014 [PHOTOS]