Coach Ty Shaw didn't reappear after half time in the match and paramedics were called to the venue.
At the end of the match, which the Sharks won 114-76, fans were asked to leave by an alternative exit while medics treated the Wolves coach.
Reports say Mr Shaw has been taken to Northern General Hospital and there are no updates on his current condition.
A brief statement was tweeted on the Wolves' twitter account from the club's managing director Mick Donovan, saying: 'We can confirm that Ty Shaw was taken to hospital during the game at Sheffield this evening. We are awaiting further news and will update fans when we hear more.'
Sharks posted a message on their twitter account on Friday night, which read: 'We would like to send our sincerest best wishes to @BBLWolves Coach Ty Shaw following his unfortunate illness tonight. We thank @BBLWolves for continuing with the game and hope Coach Shaw makes a speedy recovery. #basketballfamily.'