The London Development Agency (LDA), which has responsibility for the Crystal Palace Sports Centre in south London, is to support a £3m refurbishment of the facility's 50m pool.

The 40-year-old pool, a key part of the National Sports Centre, has fallen into a state of disrepair and requires significant investment to bring it up to scratch.

The LDA, which took charge of Crystal Palace last March, committed itself to keeping the centre – which includes the athletics stadium – up and running until 2012.

The pool's plant room requires complete replacement, prompting a study into the possible options. LDA, along with Greenwich Leisure, which operates the facility, considered the installation of a temporary pool, but has discounted this option due to cost.

Instead, the plant will be replaced, requiring the closure of the pool, at an estimated cost of around £3m. The recommendation will be put forward to the LDA board on 22 February.

Photograph: after 2012, the centre will be remodelled