The great white hope

if it is meant to evoke the situation that prompted the phrase's first use - and I believe it is, it certainly is racist.

in 1910, racist white america was desperate to have a white man beat Jack Johnson, the black heavyweight champion. Promoters convinced James Jeffries, a retired former champ to come out of retirement and challenge Jackson. They referred to him as the "Great White Hope". Jeffries said, "I am going into this fight for the sole purpose of proving that a white man is better than a Negro."

Jeffries got his ass kicked.
Ill just let MM inform on about it
 
I still think its racist like mainman said

It was popularized by Cassius Clay aka Mohammed Allie whenever he faced a white boxer.

It started with a Hollywood movie of the same name about early twentieth century black boxer Jack Johnston or Jack Johnson referring to all the white boxers he faced.
 
I haven't heard that term used in 20 years. Are you just trying to revive it or something? That's pretty racist of you.

Rather random to bring up a phrase used in 1910 and asking about it 2013. Someone can use the term "Great White Hope" in 2013 and have it mean completely opposite of what it meant a century ago. Today the term can be used in a mocking tone.
 
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