Toronto's Maple Leaf Square will not be losing its popular moniker as a result of a new five-year sponsorship deal with the Ford Motor Company of Canada.

The square's new official name, Ford Fan Zone at Maple Leaf Square, gives a nod to the automaker's corporate branding while still honouring the square's old name.

"As part of the agreement, the open area outside Gate 5 at Air Canada Centre -- which has become home to some of the greatest fan celebrations in recent memory during Leafs and Raptors playoff runs – will be named 'Ford Fan Zone at Maple Leaf Square,'" the Maple Leaf Sports and Entertainment said in a statement Tuesday morning.

Last week, it was reported that the area would be renamed the Ford Square. Some Toronto residents noted on social media that the name reminded them of the city's mayor, Rob Ford.