An emergency general meeting (EGM) of the Aquadome's shareholders has been called for November.
Tralee Waterworld public limited company (plc) has owned and operated the facility since it opened in 1994, when it was built at a cost of €5.6 million.
The board of the Aquadome believes a plc corporate structure is no longer appropriate, because it was established, and is maintained, for the benefit of the people of Tralee and its visitors.
At the EGM, shareholders will be asked to approve the transfer of assets and business from the plc to the newly created Tralee Aquadome company limited by guarantee (clg).
As a company limited by guarantee, it could apply for grant aid and other financial supports not typically available to publicly owned companies.
The meeting will take place at the Manor West Hotel in Tralee at 7pm on Thursday, 7th November.
The facility was initially set up as a plc to raise the share capital needed for construction.
It was never intended for shareholders to get a financial return.
If the resolutions are passed at the EGM, the board will convene a second EGM to approve the liquidation of the old Tralee Waterworld plc, resulting in all shareholders surrendering their investment "with no return"
In a letter to the shareholders, the chair of the board of Tralee Waterworld, Brian Durran, thanked them for their investment, which he said "was critical to the success of the … Aquadome"
