The main leisure complex at Gurnard Pines will reopen but without the swimming pool, it's been confirmed.
The building, which was repossessed last month, is being 'repurposed' and renamed the Phoenix Centre.
It was shut after site owner, GUPI Properties Limited, claimed a lease had been forfeited. The leaseholder said it had been locked out of the building and had ceased trading.
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Less than a month later, two companies have been formed to run it: Phoenix Knights Limited, which will look after entertainment, and the Phoenix Zone Limited, which will be responsible for the gym.
However, despite 'best efforts', Terry Prosser, director for GUPI, said the swimming is not part of plans going forward.
A statement said: "The running cost of the pool alone would be in excess of £230,000 per annum and generates only £30,000 per annum from swim schools and local clubs, meaning the annual loss would be in the region of £200,000.
"The use by previous gym members was a very small proportion and whilst we have done our best find a way of retaining the pool, we felt that the increase required in membership fees would be so excessive, the public simply would not be able to afford it just cover costs."
The statement said the pool area will be 'repurposed' as a multi-functional area.
Options being explored include squash, badminton, basketball, indoor football, futsal and instructor-led exercise training, it added.
Mr Prosser said he is hopeful the gym will reopen by March 6.
He is also looking to launch ticketed events from April.
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