Did ESPN Publish a Racist Headline?

Following the Knicks first loss with Asian-American Jeremy Lin in the lineup, ESPN's headline on it's story read "Chink In The Armor"

This morning, ESPN issued a statement:
Last night, ESPN.com's mobile web site posted an offensive headline referencing Jeremy Lin at 2:30 am ET. The headline was removed at 3:05 am ET. We are conducting a complete review of our cross-platform editorial procedures and are determining appropriate disciplinary action to ensure this does not happen again. We regret and apologize for this mistake.