The owner of the Miami Marlins has agreed to sell the team for $1.17 billion to an ownership group led by the venture capitalist Bruce Sherman, with the former Yankees star Derek Jeter serving as a partner and the head of baseball operations.

The sale, first reported by The Miami Herald, was confirmed by a person with knowledge of the deal who requested anonymity because the person was not authorized to speak publicly about it.

The Marlins owner Jeffrey Loria engaged in an unusually lengthy and public bidding process before settling on Sherman and Jeter. Jeter would achieve a longstanding goal of owning a team — at least part of one, in this case.

Until recently, Jeter had insisted on being the leading bidder despite not having the largest amount of money invested, the source said. But Jeter assented to Sherman’s being the so-called control person, allowing the deal to move forward.