Look at that monkey go!
I, like most Americans, heard it live. My jaw almost hit the floor. I was also watching the game where commentator Rick Barry referred to color man Bill Russell's "watermelon smile". Russell fell silent for several minutes.
My Irish grandmother, right after WWII called me (and my brother) her ‘little monkeys’, in NYC. I do not believe that it had a racial connotation. Come to think of it, cartoonists in the 19th century often portrayed the Irish with monkeylike faces, so who knows if that is related. My grandmother was born right around the turn of the century.