Today Moore backtracked and offered an apology, saying: "I would like to sincerely apologise to anyone that was offended by my comment regarding the New Zealand Warriors playing style, particularly the Polynesian community - many of whom I played with and am great mates with.
"It was an extremely poor selection of words in my attempt to describe the free-flowing playing style of the Warriors which I deeply regret. I understand how my comment may have been interpreted, but I would like to stress that it was never my intent to upset or disrespect anyone.
"Again, I offer my unreserved apology to those who took offense to my comment."
Moore said he realised the impact of his words after speaking to former Warrior and Kiwis centre Nigel Vagana.
"After speaking to Nigel Vagana today, I appreciate that word [coconut] has another connotation. Knowing that now, I understand how people have taken offence."
In a statement shortly afterward, Fox Sports made a statement saying they did not tolerate any form of racism and reiterated that Moore did not intend to cause any offence.
"Fox Sports accepts that Billy is deeply regretful that he has upset and offended people in the community, particularly Māori or Pacific Island communities, through his poor selection of words in trying to describe a style of football," the statement read.
How social media reacted (app users tap here to read tweets)
Earlier today, Warriors managing director Jim Doyle said the club were proud of their Polynesian heritage and expressed concern about Moore's "unnecessary" remarks.
He told the Warriors website: "We're disappointed Billy used that description when he was talking about our team.
"We're proud of our Polynesian heritage and what Polynesian players and people have done for our club and what they mean to us."
Doyle also said the timing of the comments were especially disappointing given that race issues have hit the headlines across the Tasman this week, with the case surrounding AFL player Adam Goodes and the fact the NRL has its Indigenous Round next week.
Goodes has taken extended leave from the Sydney Swans and is reportedly considering retirement after being repeatedly booed by opposition crowds over the last two years.
Australian, Queensland and North Queensland Cowboys star Johnathan Thurston yesterday came out in support of Goodes, saying he wanted to acknowledge his struggle and perform a traditional Aboriginal war dance, should he score a try this weekend.
It is understood several other NRL stars, including South Sydney's Greg Inglis and Brisbane Broncos pair Sam Thaiday and Justin Hodges, have also discussed the issue and are supportive of Goodes.