A number of fans have expressed their anger at the chairman's proposal to change the name of the club to Hull City Tigers.
While Bruce has claimed that he understands why some supporters are against the move, he believes that it is time to draw a line under it.
"It is the first time it reared its head at the weekend and we've got to try and forget that," Bruce told talkSPORT.
"I can understand, we are all traditionalists. Hull City has been Hull City for the last 100 years. I can understand the argument for it, but the owner thinks commercially that is going to better for us. That is his prerogative.
"He has backed the club and without him I don't think there would be a club, never mind the badge. We have got to give him respect."
The former Championship outfit are currently 13th in the table.