The Oxford Olympics Study 2016 estimates the outturn cost of the Sydney 2000 Summer Olympics at USD 5 billion in 2015-dollars and cost overrun at 90% in real terms. This includes sports-related costs only, that is, (i) operational costs incurred by the organizing committee for the purpose of staging the Games, e. g. , expenditures for technology, transportation, workforce, administration, security, catering, ceremonies, and medical services, and (ii) direct capital costs incurred by the host city and country or private investors to build, e. g. , the competition venues, the Olympic village, international broadcast center, and media and press center, which are required to host the Games. Indirect capital costs are not included, such as for road, rail, or airport infrastructure, or for hotel upgrades or other business investment incurred in preparation for the Games but not directly related to staging the Games. The cost for Sydney 2000 compares with a cost of USD 4. 6 billion for Rio 2016, USD 40–44 billion for Beijing 2008 and USD 51 billion for Sochi 2014, the most expensive Olympics in history. Average cost for the Summer Games since 1960 is USD 5. 2 billion, average cost overrun is 176%.