Good luck to them. The building looks to me to need a LOT of money spent on it, and I can't see it ever being popular as a swimming pool again. People are a lot more mobile now than they were when it was in its heyday, and can prefer to go to pools with slides and wave machines and all the rest of it.
I would think demolishing it and replacing it with a really good community centre would be a better plan. Nostalgia is not a good reason to preserve it, at least in it original state.
Probably, the council is getting rid of a big problem, and dumping it on these enthusiastic people. I can't see our council coughing up much money to help them either. What will probably eventually happen is that they will fail, and the building will be demolished and the land used for housing, which will be a pity. It certainly should be used as some form of community resource.