Alternative investments refer to assets or investment strategies that fall outside traditional investment categories like stocks, bonds, or cash. These can include private equity, real estate, commodities, and, as mentioned, sports teams, like football clubs. These types of investments are increasingly gaining traction due to their potential for high returns and portfolio diversification.

Investing in football clubs has been particularly interesting for many investors. Here are a few reasons why football clubs can be profitable investments:

1. Growing Popularity: Football is one of the most popular sports globally. The increasing fan base, both locally and internationally, brings significant revenue through ticket sales, merchandising, and broadcasting rights.
2. Sponsorship and Advertising: Big-name football clubs often attract lucrative sponsorship deals and advertising contracts, contributing to substantial income streams.
3. Player Sales: Clubs can make a significant amount of money by developing talent and selling players to other clubs.
4. Real Estate Development: Stadiums and training facilities often include commercial real estate developments like shops, hotels, and restaurants, providing additional revenue.

Despite the potential for high returns, investing in football clubs also comes with significant risks. Club performance can be unpredictable, and a bad season can lead to decreased revenues. Also, clubs often have high operating costs, including player salaries, facility maintenance, and administrative expenses.

One example of a successful investment in a football club is the Glazer family's acquisition of Manchester United. Since their takeover in 2005, despite the initial controversy, the club's value has increased substantially, driven by strong branding, successful commercial deals, and consistent on-field performance.

Another example is Roman Abramovich's purchase of Chelsea Football Club in 2003. Under Abramovich's ownership, the club has won numerous titles and significantly increased its value.

Outside of football clubs, there are many other successful alternative investments. For example, private equity investments in companies like Uber and Airbnb have generated substantial returns for investors. Real estate investments, such as commercial properties and real estate investment trusts (REITs), have also been profitable.

In the realm of collectibles, art, wine, and classic cars have provided high returns for some investors. For instance, the value of classic cars, as measured by the Knight Frank Luxury Investment Index, grew by 288% in the 10 years to Q3 2019.

In conclusion, alternative investments, including football clubs, can offer profitable opportunities for investors seeking diversification and high returns. However, they often require significant upfront capital, carry high risk, and require specialized knowledge, making them more suitable for sophisticated investors.