Towell, 25, suffered a fifth-round loss to Dale Evans in a St Andrews Sporting Club fight and was rushed to the city’s Queen Elizabeth University Hospital.
Club officials and the boxer’s family were at his bedside through the night.
“All of our thoughts and prayers are with Mike and the Towell family at this very difficult time,” said a spokesman.
“Mike Towell is in a critical condition in Glasgow’s Queen Elizabeth hospital after his fifth-round defeat in the British welterweight title eliminator with Dale Evans at the club last night.
“Club director Iain Wilson and Mike’s manager, Tommy Gilmour, travelled with him in the ambulance after the fight and have been at his bedside through the night with his family.
“We took the immediate decision to suspend last night’s show in the wake of Mike’s contest.”
Evans, from Carmarthen, wrote on his Twitter account on Thursday night that his “celebrations were on hold”.