The Olympic Boondoggle

So a $2.43 billion investment returns only $8.97 million. That would get you fired in the business world.

ATHENS, Greece -- The most expensive Olympics in history posted a surplus of $166.79 million for the Athens organizing committee. The committee, known as ATHOC, was only responsible for the organization and operation of the games last August.

Overall, the Olympics cost Greece more than $14.05 billion.

"We have not only succeeded in our goal of a balanced budget but at the same time posted a surplus," ATHOC said in a statement Thursday.

The task and cost of building sports venues and infrastructure fell to the government, which also paid for a record security bill of more than $1.53 billion. The high cost of the games pushed Greece's budget deficit to record levels. At 6.3 percent of GDP, Greece had the biggest budget deficit in the European Union last year.

ATHOC, a private body, said it had revenues of $2.67 billion and expenses of $2.43 billion. The committee gave the Greek state $157.85 million to cover the cost of some Olympic projects, leaving it with $8.97 million.

Television rights generated the biggest revenues at $739.06 million, or 27.6 percent. Money from international and domestic sponsors totaled $685.42 million, or 25.6 percent.