Live Borders, a charity that delivers the council’s culture and leisure services, received a £1.5m bailout by the local authority in December.
Scottish Borders Council’s (SBC) outstanding debt stands at £214m, and there are expected to be further cuts to services.
Ross McGinn, chairman of Innerleithen Community Trust, is worried St Ronan’s Wells could be offloaded without any community engagement.
Mr McGinn calls the site “the heart of Innerleithen”, stating “it’s significant in Borders, and even Scottish terms”.
He said: “When the site had a caretaker it used to be immaculate, but it’s been left to deteriorate with virtually no investment.
“What’s been done has been minimal, and we’re seeing the building falling apart, the windows are rotting, the roof needs attention and it’s not attractive to visitors.”
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