Grêmio published its financial numbers for the first quarter of 2026, ending with a deficit of R$ 124 million. The Tricolor spent around R$ 30 million per month on player salaries, bonuses, and image rights. The value refers to the sum of two rubrics of the quarterly statement. Player remuneration, plus bonuses and image rights, generated a spending of R$ 57 million in the first three months of 2026. Meanwhile, image rights contracts cost R$ 38 million, resulting in R$ 95 million paid in the period. There was an increase in image rights payments compared to the budget due to the resignations made at the beginning of the season, which also enter, in part, this rubric. The 2026 budget provided for R$ 45 million in salaries and R$ 23 million in image rights. Executive Paulo Pelaipe, Luís Castro, and President Odorico Roman in Grêmio training — Photo: Angelo Pieretti/Grêmio There is also a space indicated for "indemnizations", with R$ 21 million launched in the period, although most of the payments have been agreed upon in 24 months. There were 21 departures between players who were at the club or returning from loan. The internal understanding was that the club's financial situation is delicate, but that the first quarter was heavily impacted by resignations and the reformulation conducted in the player group. The board also does not publicly hide the need to sell players just to make revenue. The accumulation of signings in recent years puts pressure on the cash flow and raises an alert for the compliance of the financial fair play rules, as per the opinion of the Financial Affairs Commission of the Deliberative Council presented at the end of May. There was a recommendation for the management to seek new revenues, such as the exploitation of the Arena, as well as to carry out sales in the next transfer window. ## Values spent by Grêmio in the 1st quarter: Player remuneration + bonuses + image rights: R$ 57 million (R$ 19 million in March, R$ 21 million in February, and R$ 16 million in January) Image rights contracts: R$ 38 million (R$ 9 million in March, R$ 12 million in February, and R$ 16 million in January) Expenses in player negotiations: R$ 16.2 million (R$ 563,000 in March, R$ 10.5 million in February, and R$ 5 million in January) Indemnizations: R$ 21.3 million (R$ 3.7 million in March, R$ 6.3 million in February, and R$ 11.2 million in January) Grêmio expenses in the first quarter of 2026 — Photo: Reproduction + Watch: everything about Grêmio on ge and TV