Racism is Sex-Appeal

So I am following the Olympics sporadically--I'm just watching whatever event's on when I flip on the TV, and not really following. I was really surprised when I heard about an advertisement featuring the Spanish Olympic Basketball team. (You can read the original article about it here and here).

Basically, the ad depicts the basketball team pulling their eyes back into slits, and posing over an asian dragon. It caused an international furor--even local politicians such as John Liu commented on the implired racism, and it was made worse when the Spanish team won 85-75 against China.

I have mixed feelings about the advertisement--besides noting that it is actually a really bad photo--but what really confuses me is what this has to do with the service being advertised. I've heard, and seen, that sex sells, but I don't understand what the company is trying to say here. It's a Spanish courier company, not related in any way to international events except by the team it chose to represent them. So then, is the implication that in Spain, racism is the newest form of sex-appeal?

As a world citizen, I refuse to believe that.