Entrepreneur John Singleton has been photographed waving a broken wine glass at long-time friend Fairfax Media director Jack Cowin during a boozy lunch in Sydney.

The dramatic incident took place on Monday at Kingsleys Steak & Crabhouse on Woolloomooloo’s exclusive Finger Wharf, but was later described as “a bit of fun”.

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The 73-year-old Singleton, who was “clearly intoxicated” according to reports, told The Daily Telegraph he lunged at Mr Cowin for mocking him after ordering rosé rather than beer.

Restaurant staff restrained Mr Singleton, a successful advertising mogul, during the lunch which was also attended by Noiseworks rocker Jon Stevens and former NFL star Colin Scotts.

Speaking to The Daily Telegraph after the incident, Mr Singleton said the fight with his friend of 40 years was “just like bear cubs playing around in a cage”.

“It was a long lunch — you know how these things go.”

Mr Scotts, who later kept Mr Singleton company at the Bells Hotel, said the bust-up was no big deal.

“Two old mates of 40 years of friendship just got up and had a bit of fun,” he said.

Sky News reports The Daily Telegraph paid $10,000 for the photos.