Owner and CEO of the Champions League finalist Miguel Angel Gil Marin along with his city based co-owners former India captain Sourav Ganguly, industrialists Harsh Neotia, Sanjiv Goenka and Utsav Parekh unveiled the team but said they were yet to finalise the jersey as it has to get an approval of the ISL.
There's also a proposal to get the Atletico Madrid squad to play a friendly match here once the city team is formed.
Also unveiling the name of the consortium as the Kolkata Games and Sports Private Limited, the five parnters pledged to take Indian football to the next level.
"Atletico breathes football, lives around football. It's a great idea to expand our brand and reach a new market. India are China are huge markets. Atletico also collaborates in different countries through Alteitco de Madrid foundation. We will try to support many kids who want to develop football.
"We are trying two different ways, one through academy and another side through the franchise and play professional football," Miguel said handing over an official La Liga football with autographs of the team members.
"It will be a proud moment for us if we can take the Indian football to where it belongs. It will be a great moment for us if one day a Kolkata footballer is able to represent Atletico Madrid. We are planning to build an academy here and give them a window of an opportunity," Ignacio Aguillo, director of coprorate development at Atletico, said.
"This time round, the difference will be to give football audiences a level of play which is par international and creates a pride and passion similar to what we see for global leagues and tournaments.