Actually, back in the not-so-long-ago days when the Toronto Maple Leafs truly sucked, this cry would drift down from the greys at Maple Leaf Gardens during the third period of another depressing Leaf loss. This is around the same era when they greys would cry Kordic! Kordic! Kordic! in hopes that a fight would provide something to briefly cheer about.
Nowadays sarcastic Toronto fans use this chant to express displeasure with the Toronto Blue Jays, the city's current lovable losers-designate.