Underworld sources say a fatal shooting outside a boxing tournament in Melbourne's inner west on Friday night was an escalation of an ongoing feud linked to a suspicious blaze at a Maribyrnong warehouse.

Two gunmen remain on the run after a man in his 30s was shot dead and two others were injured at the Melbourne Pavilion in Kensington just after 10pm.

Mick Gatto (right) outside Melbourne Pavilion on Saturday prior to collecting his car from the Kensington venue, where a man was shot dead and two others were wounded on Friday night. Credit:AAP

The shooting follows a fire in the early hours of February 7 at the Kingcon warehouse in Williamson Road, Maribyrnong, where they found smoke billowing from the building and at least three cars alight. Firefighters deemed the blaze as suspicious and arson detectives were investigating.

Underworld sources say one of the surviving shooting victims was an employee of Kingcon, which describes itself as "a boutique construction company specialising in small to medium density residential projects".