There you go, it is working and doing what it should. Now your pool water is protected from rotting leaves if you have them and dirty snow for those that have it. Perfect set up. Now just to do as "proavia" suggest.
I think the replies above would be for a solid cover. Taking a different look at this, is this a mesh cover? If so, it's not tight enough and should not be touching the water. It appears to not be an issue of it not draining, but that it's touching the water which makes draining impossible.
Hard to see the springs. The instructions on my Loop-Loc say the springs should be compressed 60%. Also can't see any springs along the edge of the stone wall so I don't see how the cover can be tightened.