North Carolina lawmakers reach deal to repeal controversial transgender bathroom law

North Carolina Republican lawmakers said late on Wednesday they had reached a deal to repeal the state's controversial law prohibiting transgender people from using restrooms in accordance with their gender identities.

Details were not released of the compromise measure, which was set for a vote on Thursday morning, state Senator Phil Berger and General Assembly Speaker Tim Moore said in an impromptu news conference on Wednesday night.

Business Insider's Mark Abadi previously reported the NCAA had imposed a 48-hour deadline on North Carolina to repeal the bathroom bill known as HB2.

The law was passed in North Carolina a year ago. It required people to use bathrooms that align with their gender assigned at birth.

The NCAA threatened to reject North Carolina's bids to host more than 100 events over the next five years if the state failed to repeal HB2. The ultimatum was revealed in a statement from Greater Raleigh Sports Alliance executive director Scott Dupree around noon on Tuesday.

Losing out on the NCAA bids would have cost North Carolina nearly $4 billion in revenue, according to an Associated Press estimate published earlier this week.

The NCAA claimed in a statement that HB2 did not allow for "a safe, healthy, discrimination free atmosphere for all those watching and participating in our events," and therefore would not allow North Carolina to host any sporting events if the law was still in effect. The NCAA had already relocated a number of sporting events last summer from North Carolina due to the law.