The authority says that the centre, on Burns Lane, is now considered unsustainable for future use due to the condition of the building, and despite investment of over £500,000 over the past four years.
The council also claims that it would cost between £1m and £8m to bring into an acceptable state, and it does not have the money.
The building, owned by Nottinghamshire County Council, is managed by the district council to provide facilities for schools swimming and the delivery of Meden School’s Physical Education programme along with community use of the pool, sports hall and gym for local residents.
Councillor Andrew Tristram, portfolio holder for the environment at the district authority, said:“The council has undergone a review of leisure services at Meden Sports Centre and concluded that the current operating model is not sustainable for the future”.
“There are increasing uncertainties about the running costs and capital investment due to the condition of the building”.
In recent years the council has led an options appraisal working with leisure consultants to identify what leisure provision would be needed in the area and at what cost.
Coun Tristram added: “The options appraisals included a variety of suggestions including refurbishment and rebuilding the centre and we would be looking at investment from around £1m to £8m.
“We’ve consulted with major stakeholders and unfortunately we do not have the capital resources to fund a redevelopment.”
Nottinghamshire County Council has confirmed that Meden School would have access to suitable Physical Education facilities should the centre close as a result of the management agreement being terminated.
The county council will work with the district council to find alternative venues for school swimming lessons.
From December 7 the council will be asking users of the Meden Sports Centre about their use of the centre and how ceasing the management of the centre would affect them.
Paper surveys are available at the reception desk at Meden Sports Centre or go online to www.mansfield.gov.uk/meden.
Additional forms will be available at local public buildings including Warsop Library, Warsop Town Hall and in the Malcolm Sargison Centre.
The consultation will conclude on January 31 2017.