The latest plan to save the White Horse Leisure Centre in Calne has been rejected by North Wiltshire District Council.
Athena Leisure submitted the proposal to district council chief executive Delwyn Burbidge on Monday but it does not meet the strict criteria set down by the authority for the running of the centre.
Supporters of the rescue plan were worried that vandals would damage the centre beyond repair before it could be saved but its future is now set.
Since it closed on March 31, vandals have tried to pull down the boards covering the lower windows and smashed windows on the upper floors.
John Bentley School is taking over the dry side facilities at the centre for use by its pupils but the pool will not be saved.
The Athena plan gave some hope to Calne residents desperate to see the pool kept open but the district council has always been open about the failings of Athena's plans.
The most recent plan was given to officers to consider but once again it failed to outline how it could protect the council from exposure to further financial risk.
A spokesman for the council said: "The decision to reject the plan was made by officers who set the criteria for recovery plans.
"Plans put forward must not expose the council to any further financial risks. The council has agreed to provide a one-off payment of £60,000 which was going to be used to secure the building when it closed.
"This money had to be guaranteed if needed by any group, so that in the event of a recovery plan being unsuccessful, Athena would have to pay back the money to the council to enable it to secure the building at that stage.
"Officers have considered the plans submitted by Athena Leisure and the proposals fail on a number of areas.
"The council has already discussed these problems with Athena Leisure and the Calne Community Area Partnership at a joint meeting with the town council, John Bentley School and Wiltshire County Council, last month."
A letter from the council was sent to Athena Leisure on Monday, informing it that the plan does not meet the agreed criteria.
The spokesman said: "We will be writing to them in detail again this week setting out exactly where the plan fails and why."
