The Nabs Big Bash will become the flagship fundraiser for Nabs, which decided to kill off the boxing event because of its diminishing popularity.
The black-tie evening is being promoted as the industry's biggest social event of the year. It will have a celebrity compere, a disco run by Tony Blackburn and music from the band Big Brovaz.
Nabs is looking to the new event, to be held at the London Hilton on 11 February 2004, to raise more than £500,000. This would account for more than a third of Nabs' annual income.
The charity's chief executive, Kate Harris, said: "If we can't make that figure, it would be a huge hit for us because we're still in recession. Even though we have cut our costs to the bone, we really need this money to make our targets."
Like the boxing night, the new event will feature an auction, with ten Toyota cars on offer. "Our aim is that it will be the party of the year," the ZenithOptimedia chairman, Simon Marquis, who is also chairing the organising committee, said.