Oxford City Council has decided to hand over the running of its leisure centres in a bid to save money.
Fusion will start managing the centres from 30 March. The registered charity said it will invest all profits in improving the centres.
There are plans to build a new swimming pool in Blackbird Leys by 2012 to replace the aging Temple Cowley pool.
The council said it expects the transfer to save it £700,000 in the first year.
Cllr Robert Timbs, portfolio holder for leisure and sport: "We knew the state of finances of the Oxford City Council and we could not cope with our leisure centres.
"There would have been major closures if we didn't go this way."