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Detroit — The Drop, downtown Detroit's answer to the Times Square New Year's Eve ball-drop in New York City, will return in 2020 due to the sponsorship of a credit union, organizers announced.

Michigan First Credit Union will serve as title sponsor for the event, which is called "Motor City New Year's Eve: The Drop 2021." 

More: Free New Year's bash 'The Drop' won't ring in 2019

“We launched The DROP in 2010 to draw attention to the city’s mounting revival,” said Jerrid Mooney, co-creator of the event with partner Tony Piraino, in a statement when the 2019 event was cancelled. “Now, downtown is so awash with activity that event logistics and timing for our ever-growing celebration became an issue. We feel focusing on MCNYE 2020 will allow us to maintain and surpass our high standards.”

But this year's event was cancelled too, as first reported by the Detroit Free Press. 

As in past years, the event will be free in 2020. The highlight of the annual Drop party is the lowering of a giant, sparkling "D" at midnight. In 2017, the event moved from Campus Martius to Beacon Park. The location of the 2020 event has not been determined, organizers said. 

“We are excited to help bring Motor City New Year’s Eve: The Drop back to Detroit in 2020, and that we’re able to help it remain a free public event,” said Michael Poulos, Michigan First Credit Union President/CEO, in a statement. 

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