The group includes New Jersey Democratic power broker George E. Norcross III and Philadelphia philanthropist Raymond Perelman. It's not clear if former Gov. Ed Rendell is still involved.
Lenfest tells the Inquirer that Rendell asked him to take over as chairman of the investment group. Lenfest declined to comment to The Associated Press on Thursday, saying "nothing is in writing."
Both Norcross and Perelman have told the AP they are bound by confidentiality agreements. Rendell's spokeswoman says he can't comment either.
Hedge funds paid $139 million for the company at a 2010 bankruptcy auction, topping a bid from Perelman, Lenfest and others.