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"The team will perform on the maxim 'Korbo, Lorbo and Jitbo' (we'll do it, fight and win the battle)," Khan of Red Chillies Entertainment Pvt Ltd said on Tuesday.
"The idea and ideology behind naming the team Kolkata Knight Riders is because I want to appeal to the youth of the country," the matinee idol said.
Former India captain Sourav Ganguly will captain the team, while former Australian coach John Buchanan will be its coach.
Ganguly and Buchanan were present on the occasion as also President of the Cricket Association of Bengal (CAB) Prasun Mukherjee and actor Juhi Chawla and her husband Jai Mehta.
Khan also unveiled the logo and mascot royal bengal tiger 'Hoog Lee' of the team and played the anthem prepared for the squad.
Expressing happiness for having Ganguly as the captain, Khan described him as his 'favourite' of whom he was a fan.
"Sourav has been a big inspiration."
"Buchanan and his trainers from Australia know their cricket," he said, adding Bengalis, who are known for their passion for soccer and cricket, should extend support to this team.
"Inshallah, we'll win the cup," he said.
Ganguly said he felt honoured to be part of the IPL and lead the Kolkata Knight Riders.
Watching cricket in Kolkata will be a big difference with 90,000 people cramming the Eden Gardens, the flamboyant left- hander said. "We'll make Kolkata proud."
Then turning to Buchanan, he said, "it is a pleasure to work with you John."
The Knigh Riders' costume, designed by Manish Malhotra, was also unveiled on the occasion.
It will be a mixture of black and golden, the black symbolising goddesss 'Maa Kaali' and the gold, the mark of victory, Khan said.
Khan said he would also sport one of the shirts and 'help the players with water in the field when required'.
Buchanan said that the IPL would go on to help Indian cricket and provide a wonderful opportunity to players to rub shoulders with quality players from all around the world.
It would have long term benefits for Indian cricket, he said.
Khan also revealed that a 'Knight Rider' album was on the anvil with several singers and music composers including Usha Uthup and Bappi Lahiri being involved.
Ganguly, Buchanan and CAB chief Prasun Mukherjee were presented 'golden' helmets, as also four state cricketers, Laxmi Ratan Shukla, Wriddhiman Saha, Sourasis Lahiri and Rohan Banerjee.