Mugar rumored to be selling WHDH-AM to pay off debt. (David Mugar)(radio station)

Radio station WHDH-AM will likely be sold soon to help bail owner David Mugar out of his money woes, according to sources in the radio industry. Fairbanks Communications, owner of radio stations WVBF-FM and WKOX-AM in Framingham, is the leading contender to purchase the station.

Mugar's company, New England Television Corp. (NETCO), failed to make the final $8 million buyout payment in December to his former partners in the media venture, many of them prominent members of Boston's minority communities. Mugar promised to make good on the buyout eventually but said that obligations to other creditors took precedence over the former owners for the station's limited cash. …