Akeem Francis-Kerr, 29, was stabbed at Valesha's nightclub, also known locally as Colliseum, on Newport Street in the town centre just after 5am on Saturday.
Despite the efforts of medics, he was sadly pronounced dead at around 6am while being taken to hospital.
A 39-year-old man was arrested in South Yorkshire on suspicion of murder on Tuesday night and remains in custody.
Walsall Council's licensing sub-committee decided to suspend the nightclub's licence with immediate effect for a period of 28 days, pending a full review, during a meeting on Thursday morning.
Vision Leisure, which runs Valesha’s, agreed by consent to temporarily suspend the licence.
A report to the committee said Chief Superintendent Phil Dolby, of West Midlands Police, requested a premises licence summary review, on the grounds that the premises was "associated with both serious crime and serious disorder".
It said: "He states that the normal procedure of calling a premises licence review would be insufficient in comparison with the severity of the crime and serious management failings at the premises concerned."
According to the report, the application for the review of the premises licence also alleged the venue has historic association with people believed to be gang members and that some "gang nominals" were present at the premises on the night of the incident.
There was also an allegation of failure to comply with a condition of licence – that "routine searches will take place to ensure that no illegal substances or weapons are brought in to the club”.
Police said patrols had been stepped up following the incident.
Floral tributes have been left outside of the nightclub and tributes on social media have described Akeem as a "gentle soul" who "had a heart of gold".
Akeem's family also paid tribute to him on Sunday, saying: "The universe has lost one of the greatest of men and his unmatched energy, mindset and love will forever live on."
Officers are speaking to witnesses and reviewing CCTV footage from around the area.
A dedicated contact portal has also been set up for anyone who has information to get in touch with the investigation team.
People can send information or mobile footage directly to detectives via mipp.police.uk/operation/20HQ22L32-PO1.