Speaking alongside Conservative MP Ian Duncan Smith and Labour’s Chuka Umunna, Lord Sugar then joked: "If he was the Prime Minister it would be like watching the mother-in-law drive the Ferrari over the cliff.”
Lord Sugar has said he would leave the country under a Corbyn government before.
In an interview with the Sun in October, Lord Sugar said: "Corbyn, if he gets in I'm out. That's for sure. If he’s in, I’m out. I won’t be writing £50million tax cheques any more," he told The Sun.
"I’m gone. I don’t know where but I won’t be here.”
Lord Sugar has made a series of controversial statements condeming Mr Corbyn.
In September, he said during a House of Lords debate that the day Mr Corbyn entered Downing Street would be "the day Britain died".
In March, he deleted a tweet that depicted the Labour leader sitting next to Adolf Hitler after he was criticised by senior Labour figures.
The peer had posted the tweet that showed the Labour leader’s face superimposed next to an image of the Nazi leader in a car during a Nuremberg rally.
Alongside it, Sugar wrote: “Many a true word spoken in jest Corbyn.”
Shadow Chancellor John McDonnell had called on Sugar to “delete and disown” the tweet.
Lord Sugar resigned from Labour in May 2015 after an 18-year affiliation, attacking what he called “anti-enterprise concepts” and “a policy shift moving back towards what old Labour stood for”.
He is now an independent peer in the House of Lords, where he continues to be outspoken on Mr Corbyn, especially about his approach to the antisemitism crisis.
