Ponting replaces Federal Shadow Minister, Simon Crean who has been appointed Patron of the Kangaroos - a newly-created position.
Ponting, a self-confessed football "tragic", said he chose to barrack for the Kangaroos when he was younger because his mother and the uncle he idolises - former Australian bowler Greg Campbell - both followed the Shinboners.
And a proud Ponting couldn't hide his delight in accepting the position.
"To me this really is a great thrill and it's a great honour to be sitting here excepting this - the No.1 ticket holder of the North Melbourne Football Club," Ponting said.
"It's a club that's been dear to my heart for a long time and as long as I can remember and (since I) started watching football, I've supported the North Melbourne Football Club and the Kangaroos.
"Over the last few years, I've got to know a lot of the guys quite well and I've managed to get along to quite a few of the games.
"I've got a big break coming up this year - about four or five months right in the middle of the footy season - so they're going to have to put up with me around the place a bit more this year.
"The relationship has been really strong and something I do cherish."
Outgoing No.1 ticket holder Crean thoroughly endorsed Ponting as the new No.1 ticket holder.
"I think it's tremendous that not only has he been approached, but he's agreed to take over as the No.1 ticket holder," Crean said.
But Crean was excited to be named the new Patron, while he said it was an honour to serve as the No.1 ticket holder.
"This is the easiest job I've ever had, being the No.1 ticket holder at North Melbourne, because all you do is go along and indulge in your passion and I've been a passionate supporter of this club, because it embodies great fighting spirit, determination, that never-say-die attitude and that preparedness to put in 110 per cent," Crean said.
Kangaroos president Graham Duff said Simon Crean had been a terrific supporter of the club.
"His support over that period has been immense and we sincerely appreciate it," Duff said of Crean.
"We've not in the past had patrons of our club, but we think it's about time that we should."