The group is headed by real estate developer Rick Caruso, who is behind the Grove and the Americana at Brand.
"In Rick I found a partner who understands consumers and fully appreciates that the Dodgers are a treasured L.A. institution," Torre said in a statement.
Torre managed the team from 2008 to 2010, then retired and joined the MLB last February as a top aide to Commissioner Bug Selig.
"Joe has a proven track record of fielding winning teams, and I am looking forward to our group benefiting from his unique experience," Caruso said in a statement.
In November, Torre said he was approached by several would-be buyers of the Dodgers who expressed interest in him being part of their ownership group.