Oh my!
Do you have a map/diagram/knowledge of where the main line runs and where the valves are all located?
The black wire is most likely the multi-strand control wire for the electronic valves. It usually follows the main water supply line to the valves.
When a zone is activated by the controller, a 24VDC current is sent down a specific color wire to activate a valve. The return voltage is along a common wire, unusually black or white that goes to all valves.
Since there is a wire, it indicates there are valves further down the system beyond where you will terminate the system.
Suggest to dig up 5' of the wire after where you will be cutting the pipe. Place this in a rectangle box where you capped the pipe. Leave at least 6" of pipe between the cap and a fitting to allow for future expansion. If any portion of the system will be reactivated after construction, suggest you do the same on the portion being retained.
Once the pool is in, route the main supply pipe along with a new control wire around the pool to reconnect any portion of the old system you want to reactivate. If you will have lawn around the pool, install a new irrigation zone. Also consider adding drip irrigation for the new landscaping.
Hopes this helps.