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The 111-year-old Wharenui Pool in Riccarton has produced Olympic and Commonwealth games medallists.
But with the impending opening of the Metro Sports Centre, it has been decided it's not needed.
Club president Chris Averill said ongoing maintenance costs were being blamed, but the council wouldn't say what they were.
He said the pool could be maintained for much less than the $700,000 a year claimed by the council.
A council spokesperson said Wharenui's ongoing cost could no longer be justified, and there would soon be four council pools in the area.