Businessman John Singleton will be fined for offensive behaviour after brandishing a broken wine glass during an incident at a Sydney restaurant, police say.

Mr Singleton, 73, said he was just “mucking around” when he was photographed holding the stem of the glass above the face of Fairfax board member Jack Cowin, during what appeared to be an argument.

However, New South Wales Police investigated after the photographs were published in Sydney’s Daily Telegraph newspaper and widely circulated online.

Click here for details of Singo’s boozy row with a billionaire mate

“Officers from Kings Cross Local Area Command have been investigating the incident which occurred on Monday 4 May at a restaurant in Woolloomooloo,” a NSW Police statement said.

“Police will serve a 73-year-old man with a Criminal Infringement Notice for offensive behaviour.

“The penalty notice carries a fine of $550 if it goes uncontested by the recipient.

“Police continue to investigate possible licensing breaches surrounding the incident.”

The pair and musician Jon Stevens were also filmed leaving the restaurant, when Mr Singleton joked about Stevens wanting to assault a woman.

“He was trying to find a woman to belt and I was trying to have a sex change so he could bash me,” Mr Singleton said on the video.

The day after, Mr Singleton and Mr Cowin insisted their clash at the restaurant had only been a joke.

“There was no bottle around, so I smashed a glass and simulated bloody glassing, and he got up and simulated choke-throat, and we all laughed and we sat down and we had another little drink,” Mr Singleton said.

Mr Cowin said he had been contacted by police and told them the pair were joking around.

“There were a couple of old-time guys having lunch, old friends and this incident was a 100 per cent joke, spoof which lasted about 10 seconds,” Mr Cowin said.