The ageing facility had been due to shut at the end of next year, but now it'll remain open until the end of 2020.
Due to the revised timetable for constructing St Sidwell's Point at the bus station site, closure of the building is now planned for 2020.
In the meantime, the extra funding means the council can appoint a contractor to urgently upgrade the mechanical and electrical systems and the building's fabric and finishes. If the action is not taken, there is a significant risk of unplanned closure, councillors were told.
Leading Councillor Phil Bialyk is defending their decision to allocate so much money on a facility that will be closing.
"Pyramids has been in need of renovation fore some time and standards have deteriorated following a big increase in usage after the riverside was closed following the fire," he said.
"Pyramids will eventually be replaced by the brand new St Sidwell's Point at the bus station. But that is still three years away, and we need to talk action to improve the Pyramids now.
"So I welcome the funding, which will help to improve the experience of all those using the Pyramids during the time the facility has left."
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