Dublin Waterworld has agreed to hand over the €62 million National Aquatic Centre to the State company Campus and Stadium Ireland Development (CSID).
Following a settlement in the Supreme Court, CSID revealed it would run the centre from the end of the month.
The company quickly moved to allay fears that the change of ownership would put jobs at risk, insisting it was business as usual.
Dublin Waterworld will leave the flagship centre in Abbotstown by November 30th.
Welcoming the settlement CSID said: "We believe that today's Supreme Court order provides us with the opportunity to ensure the future success of the National Aquatic Centre.
"Although we are confident that the centre is in good condition, we will, however, be carrying out a 'health check' of the total facility after November 30th, with a view to dispelling any concerns in this regard once and for all.
"We would like to take this opportunity to reassure all existing members of staff about the future."
CSID said it would comply fully with European rules on keeping on staff despite the change in ownership. The agreement was reached after protracted court battles over the last two years.
Dublin Waterworld had been ordered by the High Court to hand over possession of the centre. The court ruled that Dublin Waterworld, which was running the centre, had carried out wilful breaches of the lease for operating the centre.
Dublin Waterworld appealed that decision but reached an agreement with CSID out of court today.
No order on costs was made. Dublin Waterworld has run the centre since April 2003 but has been dogged by a series of controversies.
Leaks have been a constant issue, culminating in an undercover documentary revealing the extent of the problem. One report identified 126 cracks in the structure.
The Health and Safety Authority also investigated the condition of the National Aquatic Centre following the revelations on structural damage. It looked into how chemicals and acids are stored in the centre.
In January 2005, part of the roof was blown off in a storm, and the centre had to close for five months so that repairs could be carried out.