'Lot of efforts have gone into making this team, and now I am very happy to be a party to this wonderful team led by Sourav Ganguly,' Shah Rukh told reporters at a star-studded function here.
He said the effort was to focus on youth and go for a youth-oriented team.
The actor introduced the official team logo of 'Knight Riders' and presented its mascot 'Hoog Lee' - an animated image of a tiger.
'The colour combination of the team's jersey, designed by Bollywood designer Manish Malhotra, would be black and gold,' he said.
'Black is the colour of goddess Kali and we aim for gold,' Shah Rukh said, adding that the kit for all the players would be sponsored by Reebok.
As the team's theme song 'Korbo, Lorbo, Jitbo' (We will do it, we will fight it, we will win it), composed by music director Vishal and Shekhar, blared, the superstar, the franchise owner of the team, raised his hands with team captain Ganguly, coach John Buchanan and actor Juhi Chawla.
'We have a lot of plans for cricket and entertainment as well during the tournament but those would be disclosed when they happen. We will try to bring lots of things on stage without distracting the game,' he said.
Four young Bengal cricketers - Lakshmi Ratan Shukla, Riddhiman Saha, Sourashis Lahiri and Rohan Banerjee - have also been included in the squad.
'I shall try to be here for all the Kolkata matches to cheer my team members,' Shah Rukh said.
Asked about the rate of tickets for the matches were to be held at the Eden Gardens, Shah Rukh said the matter would be finalised after discussion with the Cricket Association of Bengal (CAB).
'We will try to sort it out amicably. We are now working on the rates,' he said.