• by Erik Sass  @eriksass1, August 25, 2010

Amid continuing financial woes, The Washington Times is close to being sold -- but ownership will remain within the family of the Rev. Sun Myung Moon, the leader of the Unification Church.

Since 2006, the right-leaning newspaper has been owned by Moon's son Preston, who apparently became involved in a family feud with his brother Justin, who cut off millions in annual subsidies from the family's businesses in Asia.

The loss of these subsidies brought the newspaper to its current dire financial circumstances, prompting Preston Moon to threaten to close the ailing publication last week. Now rumors are circulating that Preston Moon's company News World Communications has reached a tentative agreement to sell the newspaper to News World Media Development, which is controlled by his father.

If the deal goes through, it will be fraught with more Moon family melodrama.

According to reports citing Charles Sutherland, the newspaper's former director of development and promotions, the elder Moon wants to bring in the newspaper's former chairman, Dong Moon Joo (no relation) to take the helm again. This move is seen as a rebuff from the elder to the younger Moon, who forced Joo out last year.

Last year, the newspaper cut 40% of the total newsroom staff of 170, or about 65 positions, and closed its sports and metro sections. It also lost virtually every senior member of the editorial staff through resignations or layoffs, including chief editor Jonathan Solomon, managing editor David Jones and digital managing editor Jeffrey Birnbaum.

In April, publisher Jonathan Slevin, who said the newspaper's board of directors was "intrusive," left the publication with almost no management intact.