The NCAA reportedly imposed a 48-hour ultimatum on North Carolina to repeal its 'bathroom law'

The NCAA has imposed a 48-hour deadline on North Carolina to repeal its controversial "bathroom law," a local sports event planner said on Tuesday.

If lawmakers don't repeal the law, known as HB2, the NCAA will reject the state's more than 100 bids to host championship college sports events over the next five years.

The ultimatum was revealed in a statement from Greater Raleigh Sports Alliance executive director Scott Dupree around noon on Tuesday.

"I have confirmed with a contact very close to the NCAA that its deadline for HB2 is 48 hours from now," Dupree said in the statement, according to local news reports.

"If HB2 has not been resolved by that time, the NCAA will have no choice but to move forward without the North Carolina bids. The NCAA has already delayed the bid review process once and has waited as long as it possibly can, and now it must finalize all championship site selections through spring of 2022."

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Protests for and against gender-neutral bathrooms
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Protests for and against gender-neutral bathrooms

A sign protesting a recent North Carolina law restricting transgender bathroom access is seen in the bathroom stalls at the 21C Museum Hotel in Durham, North Carolina May 3, 2016.

(REUTERS/Jonathan Drake)

A man holds up a sign supporting North Carolina's anti-transgender bathroom law following Republican presidential nominee Donald Trump' campaign rally in Charlotte, North Carolina, U.S., August 18, 2016.

(REUTERS/Carlo Allegri)

Opponents of North Carolina's HB2 law limiting bathroom access for transgender people protest in the gallery above the state's House of Representatives chamber as the legislature considers repealing the controversial law in Raleigh, North Carolina, U.S. on December 21, 2016.

(REUTERS/Jonathan Drake)

Civil rights leader Reverend William Barber, president of the NAACP in North Carolina, speaks to the media inside the state's Legislative Building as lawmakers gather to consider repealing the controversial HB2 law limiting bathroom access for transgender people in Raleigh, North Carolina, U.S. on December 21, 2016.

(REUTERS/Jonathan Drake)

A gender-neutral bathroom is seen at the University of California, Irvine in Irvine, California September 30, 2014. The University of California will designate gender-neutral restrooms at its 10 campuses to accommodate transgender students, in a move that may be the first of its kind for a system of colleges in the United States.

(REUTERS/Lucy Nicholson)

Transgender people and their supporters have been fighting for repeal of House Bill 2, a North Carolina law that requires people in government buildings to use the bathroom of the gender on their birth certificate.

(John D. Simmons/Charlotte Observer/TNS via Getty Images)

Protestors gather across the street from the North Carolina state legislative building as they voice their concerns over House Bill 2, in Raleigh, N.C., Monday, May 16, 2016. House Bill 2, also known as the Bathroom Bill, which requires transgender people to use the public restroom matching the sex on their birth certificate, has received the attention of national media and the White House.

(Photo By Al Drago/CQ Roll Call)

Protestors gather across the street from the North Carolina state legislative building as they voice their concerns over House Bill 2, in Raleigh, N.C., Monday, May 16, 2016. House Bill 2, also known as the Bathroom Bill, which requires transgender people to use the public restroom matching the sex on their birth certificate, has received the attention of national media and the White House.

(Photo By Al Drago/CQ Roll Call)

Supporter of HB2 Lee Churchill from Raleigh, N.C. holds a sign stating her position outside the North Carolina House and Senate chambers gallery on Wednesday, Dec. 21, 2016 as the North Carolina General Assembly convenes for a special session at the Legislative Building in Raleigh, N.C.

(Chris Seward/Raleigh News & Observer/TNS via Getty Images)

Transgender activists and supporters protest potential changes by the Trump administration in federal guidelines issued to public schools in defense of transgender student rights, near the White House in Washington, U.S. February 22, 2017.

(REUTERS/Jonathan Ernst)

Transgender activists and supporters protest potential changes by the Trump administration in federal guidelines issued to public schools in defense of transgender student rights, near the White House in Washington, U.S. February 22, 2017.

(REUTERS/Jonathan Ernst)

Transgender activists and supporters protest potential changes by the Trump administration in federal guidelines issued to public schools in defense of transgender student rights, near the White House in Washington, U.S. February 22, 2017.

(REUTERS/Jonathan Ernst)

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The report comes less than a week after the NCAA confirmed North Carolina's 133 bids were on the chopping block. In a statement last week, the NCAA said HB2 did not assure "a safe, healthy, discrimination free atmosphere for all those watching and participating in our events."

Passed just over a year ago, HB2 blocks LGBT protections and forces transgender people to use the bathroom that aligns with their biological sex.

The law already cost the Tar Heel State more than a dozen marquee college sports events for the current academic year, after the NCAA and Atlantic Coast Conference relocated several championship events last summer.

Should the NCAA follow through on its ultimatum, it would strike one of the heaviest blows yet to the state economy — which will suffer nearly $4 billion in financial losses because of the law, according to an Associated Press estimate. The figure factors in losses from frozen business expansions, canceled concerts, and relocated business conventions, all attributed to HB2.

Lawmakers on both sides of the aisle have expressed a desire to repeal the law, however they have disagreed on how far it should be scaled back. One proposal, floated by state Republicans, would repeal the law while limiting local governments' ability to protect LGBT residents, according to WBTV.

It is unclear whether such a compromise would satisfy the NCAA. Democrats have called for a full repeal of the law.

After Dupree released his statement on the NCAA deadline, he released a joint statement with Dennis Edwards, president and CEO of the Visit Raleigh tourism group, in which they urged lawmakers to solve the crisis while avoiding the appearance of favoring one outcome.

"We will not endorse any one bill," the pair said in their statement. "We simply seek a swift compromise that will allow us to begin to repair the reputation of our region and state."

Related: Inside North Carolina's current March Madness run:

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UNC's 2017 March Madness run
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UNC's 2017 March Madness run
GREENVILLE, SC - MARCH 17: Luke Maye #32, Theo Pinson #1, Justin Jackson #44, Nate Britt #0 of the North Carolina Tar Heels and teammate celebrate from the bench in the second half against the Texas Southern Tigers during the first round of the 2017 NCAA Men's Basketball Tournament at Bon Secours Wellness Arena on March 17, 2017 in Greenville, South Carolina. North Carolina Tar Heels won 103-64. (Photo by Gregory Shamus/Getty Images)
GREENVILLE, SC - MARCH 17: Aaron Rohlman #25 of the North Carolina Tar Heels fights for the ball against Tyree Bynum #5 of the Texas Southern Tigers in the second half during the first round of the 2017 NCAA Men's Basketball Tournament at Bon Secours Wellness Arena on March 17, 2017 in Greenville, South Carolina. The North Carolina Tar Heels won 103-64. (Photo by Kevin C. Cox/Getty Images)
GREENVILLE, SC - MARCH 17: Stilman White #30 of the North Carolina Tar Heels shoots against Tyree Bynum #5 of the Texas Southern Tigers in the second half during the first round of the 2017 NCAA Men's Basketball Tournament at Bon Secours Wellness Arena on March 17, 2017 in Greenville, South Carolina. (Photo by Kevin C. Cox/Getty Images)
GREENVILLE, SC - MARCH 17: Tony Bradley #5 of the North Carolina Tar Heels dunks against the Texas Southern Tigers in the second half during the first round of the 2017 NCAA Men's Basketball Tournament at Bon Secours Wellness Arena on March 17, 2017 in Greenville, South Carolina. The North Carolina Tar Heels won 103-64. (Photo by Gregory Shamus/Getty Images)
GREENVILLE, SC - MARCH 19: Kennedy Meeks #3 of the North Carolina Tar Heels battles for the ball with Moses Kingsley #33 of the Arkansas Razorbacks in the first half during the second round of the 2017 NCAA Men's Basketball Tournament at Bon Secours Wellness Arena on March 19, 2017 in Greenville, South Carolina. (Photo by Gregory Shamus/Getty Images)
GREENVILLE, SC - MARCH 19: Luke Maye #32 of the North Carolina Tar Heels battles for the ball with Manuale Watkins #21 and Jaylen Barford #0 of the Arkansas Razorbacks in the first half during the second round of the 2017 NCAA Men's Basketball Tournament at Bon Secours Wellness Arena on March 19, 2017 in Greenville, South Carolina. (Photo by Kevin C. Cox/Getty Images)
GREENVILLE, SC - MARCH 19: Manuale Watkins #21 of the Arkansas Razorbacks battles for a loose ball with Isaiah Hicks #4 of the North Carolina Tar Heels in the second half during the second round of the 2017 NCAA Men's Basketball Tournament at Bon Secours Wellness Arena on March 19, 2017 in Greenville, South Carolina. (Photo by Gregory Shamus/Getty Images)
GREENVILLE, SC - MARCH 19: Kennedy Meeks #3 of the North Carolina Tar Heels reacts in the second half against the Arkansas Razorbacks during the second round of the 2017 NCAA Men's Basketball Tournament at Bon Secours Wellness Arena on March 19, 2017 in Greenville, South Carolina. (Photo by Gregory Shamus/Getty Images)
GREENVILLE, SC - MARCH 19: Kennedy Meeks #3 of the North Carolina Tar Heels battles for a rebound in the first half against the Arkansas Razorbacks during the second round of the 2017 NCAA Men's Basketball Tournament at Bon Secours Wellness Arena on March 19, 2017 in Greenville, South Carolina. (Photo by Kevin C. Cox/Getty Images)
MEMPHIS, TN - MARCH 24: Kennedy Meeks #3 of the North Carolina Tar Heels competes for a rebound against Andrew Chrabascz #45 and Avery Woodson #0 of the Butler Bulldogs in the second half during the 2017 NCAA Men's Basketball Tournament South Regional at FedExForum on March 24, 2017 in Memphis, Tennessee. (Photo by Kevin C. Cox/Getty Images)
North Carolina's Isaiah Hicks (4) shoots over Butler's Andrew Chrabascz (45) during the the first half in the NCAA Tournament South Regional semifinal at FedExForum in Memphis, Tenn., on Friday, March 24, 2017. UNC advanced, 92-80. (Robert Willett/Raleigh News & Observer/TNS via Getty Images)
MEMPHIS, TN - MARCH 24: Kennedy Meeks #3 of the North Carolina Tar Heels shoots against Tyler Wideman #4 of the Butler Bulldogs in the second half during the 2017 NCAA Men's Basketball Tournament South Regional at FedExForum on March 24, 2017 in Memphis, Tennessee. (Photo by Kevin C. Cox/Getty Images)
MEMPHIS, TN - MARCH 24: Tony Bradley #5 of the North Carolina Tar Heels reacts after a play in the first half against the Butler Bulldogs during the 2017 NCAA Men's Basketball Tournament South Regional at FedExForum on March 24, 2017 in Memphis, Tennessee. (Photo by Kevin C. Cox/Getty Images)
MEMPHIS, TN - MARCH 24: Joel Berry II #2 of the North Carolina Tar Heels dribbles over Nate Fowler #51 of the Butler Bulldogs in the second half during the 2017 NCAA Men's Basketball Tournament South Regional at FedExForum on March 24, 2017 in Memphis, Tennessee. (Photo by Kevin C. Cox/Getty Images)
MEMPHIS, TN - MARCH 26: Kennedy Meeks #3 of the North Carolina Tar Heels and Edrice Adebayo #3 of the Kentucky Wildcats react after a play in the first half during the 2017 NCAA Men's Basketball Tournament South Regional at FedExForum on March 26, 2017 in Memphis, Tennessee. (Photo by Kevin C. Cox/Getty Images)
MEMPHIS, TN - MARCH 26: Isaiah Briscoe #13 of the Kentucky Wildcats and Nate Britt #0 of the North Carolina Tar Heels compete for a loose ball in the first half during the 2017 NCAA Men's Basketball Tournament South Regional at FedExForum on March 26, 2017 in Memphis, Tennessee. (Photo by Kevin C. Cox/Getty Images)
MEMPHIS, TN - MARCH 26: Joel Berry II #2 of the North Carolina Tar Heels shoots against Isaiah Briscoe #13 and Derek Willis #35 of the Kentucky Wildcats in the second half during the 2017 NCAA Men's Basketball Tournament South Regional at FedExForum on March 26, 2017 in Memphis, Tennessee. (Photo by Andy Lyons/Getty Images)
MEMPHIS, TN - MARCH 26: Luke Maye #32 of the North Carolina Tar Heels reacts after a basket late in teh second half against the Kentucky Wildcats during the 2017 NCAA Men's Basketball Tournament South Regional at FedExForum on March 26, 2017 in Memphis, Tennessee. (Photo by Andy Lyons/Getty Images)
MEMPHIS, TN - MARCH 26: Luke Maye #32 of the North Carolina Tar Heels celebrates with teammates after making the game winning basket late in the second half against the Kentucky Wildcats during the 2017 NCAA Men's Basketball Tournament South Regional at FedExForum on March 26, 2017 in Memphis, Tennessee. (Photo by Kevin C. Cox/Getty Images)
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