The renovated seawater baths in Clontarf in Dublin are due to reopen next week after lying derelict for more than two decades.
However, the new owners say the pool will initially only be available to swimming and sports clubs.
They said they will need Dublin City Council to help them with the €400,000 cost of running the baths before they can open it to the general public.
However, the council says it is not in a position to subsidise the running of the baths.
Built in the 1800s, the facility was closed to the public in the mid 1990s.
The current owners, the Cullen family, who own Seafield Hotel in Wexford and the Turks Head pub in Temple Bar, purchased the site 25 years ago.
They secured planning permission to develop the baths in 2012. Over the past 18 months, they have spent almost €2.5m refurbishing the site, which now includes a bar and restaurant.
While the dining area will open its doors next week, the owners say the pool will not open until late April and when it does it will be restricted to adult swimming and sports clubs.
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David Cullen, of The Baths at Clontarf, said bringing a pool of this magnitude to the wider community is "not really feasible" for a private enterprise and that issues, such as insurance and health and safety, make it difficult.
He said the pool will cost €400,000 a year to operate and they have asked Dublin City Council to help them with that cost so that they can grant access to the wider public, which he said was their "ultimate goal".
But in a statement to RTÉ News, Dublin City Council said the Clontarf Baths is a private enterprise and that it is not in a position to subsidise the cost of running the pool.
Mr Cullen said there is a chance the facility will not be opened to the general public if they do not receive financial support for the project, adding that it would be a shame if that happened.
Locals say they are delighted the derelict site has been brought back to life and an eyesore removed from the seafront.
But Deirdre Nichol of the Clontarf Residents’ Association said it is important that the facility is available to the wider public, as the requirements to be a club member and have insurance was not feasible for everyone.