More than 200 guests turned out for the event attended by ex-football stars Steve Bull and Don Goodman, as well as television presenter Suzi Perry at Molineux.
The dinner was held to mark the 21st birthday of Promise Dreams, which helps children with serious or terminal illnesses achieve their dreams.
Among the special guests was 11-year-old Logan Evans, who was just seven years old when he was diagnosed with B-cell lymphoblastic lymphoma in May 2019.
Logan, who lives in Himley, near Dudley, had to endure three years of gruelling treatments, including daily chemotherapy and steroids. At the time he was only the third person in five years to be diagnosed with the condition, which affects the immune system.
Promise Dreams provided Logan with a PS5 games console, which enabled him to communicate with his friends whilst receiving treatment and unable to go to school.
His mother Sue, who was also at the ball, said: “Logan was stuck at home and we wanted him to be able to have this gift but couldn’t afford it ourselves as I’d given up my job to look after him.
"Being able to play on the console with his brother and communicate with his friends deflected from what he was going through.
"It meant the world to us and put the smile back on Logan’s face."
Goal machines Bull and Goodman – who both unusually played for arch-rivals Wolves and West Bromwich Albion – have both been involved with the charity since its launch, along with former Wolverhampton schoolgirl Suzi, best known for presenting the BBC's sports coverage and Channel 5's The Gadget Show.
The event was the first to be held since the outbreak of the coronavirus pandemic.
Charity manager Nikki Yeomans said she was amazed by the amount of money raised in a single evening.
"Fundraising is so hard at the moment and we are genuinely overwhelmed by the generosity shown by our guests and also by the individuals and companies who donated such wonderful prizes for the raffle and auction.
“Promise Dreams is about putting smiles on children’s faces and helping to make special memories. We simply couldn’t do this without this kind of support."