Canadian businessman and reality TV star Kevin O’Leary was involved in a fatal boating incident over the weekend.

Two people died, including one woman who succumbed to her injuries in hospital following the two vessel collision.

Three other people on the boats involved were injured, treated and released from hospital.

Ontario Provincial Police are currently investigating the incident.

A 64-year old American man from Florida was killed at the scene and a 48-year-old woman from Ontario died in hospital on Tuesday, according to police.

The collision took place on a lake in southern Ontario on Saturday about 11:30 pm local time (03:30 GMT). Police have so far not released any further details.

Mr O’Leary confirmed he was on one of the boats in a short statement released to the media on Wednesday.

“On late Saturday night I was a passenger in a boat that was involved in a tragic collision with another watercraft that had no navigation lights on and then fled the scene,” he said.

He offered his “heartfelt prayers and condolences to the victims, the families and those affected by this loss” and said he was fully co-operating with the investigating authorities.

Mr O’Leary appears on the reality show Shark Tank in the US and Dragons’ Den in Canada.

He made an unsuccessful bid for the leadership of the federal Conservatives in Canada in 2017.

The region where the incident took place is a lake district popular during the summer months with people looking to escape the city and is about 200km (125 miles) north of Toronto.