June 5 (Reuters) - HanesBrands ( HBI ) said on Wednesday

it would sell its sportswear business Champion to Authentic

Brands Group in a deal valued at $1.2 billion.

The Champion business offers sportswear ranging from

athletic tops and hoodies to socks.

HanesBrands ( HBI ) said the deal could reach up to $1.5 billion

through an additional contingent cash consideration of up to

$300 million based on achievement of performance thresholds.

The company said it intends to focus on extending its

innerwear category and increase investment across its portfolio

of brands including Hanes, Bonds, Maidenform and Bali.