Prague – Former NHL star Jakub Voráček is facing a significant financial loss, estimated at upwards of 120 million Czech crowns (approximately €5.7 million), following a failed investment in the bubble tea industry. The Czech forward, who recently retired from professional hockey, invested in companies Global TS and BubbleStar in 2021, but the venture has collapsed, leaving him with little hope of recovering his funds. The story serves as a cautionary tale about the risks of entrepreneurship and the importance of due diligence, particularly when trusting business partners.
“I was a naive fool. I wanted to create a Czech product, but I trusted the wrong people,” Voráček told Seznam Zprávy, a Czech news outlet. At the heart of the issue appears to be his relationship with Jiří Wohlmann, a businessman who was later convicted of tax fraud.
From Hockey Rink to Bubble Tea: A Failed Venture
Voráček’s foray into the bubble tea business began with good intentions. He aimed to establish a domestically produced brand of the popular beverage, known for its chewy tapioca pearls. He initially partnered with Wohlmann, who had already established Global TS, a company manufacturing the key ingredient for bubble tea. Voráček acquired shares from existing partners and his father, Miloslav Voráček, took on the role of managing director.
Yet, the business quickly encountered difficulties. According to reports, a decision spearheaded by Wohlmann to relocate production to a different company triggered a series of negative changes. Employees left, ownership structures shifted, and the company’s direction became increasingly unclear. Alan Ilczyszyn eventually took over as the new owner and manager of both Global TS, and BubbleStar.
Legal Troubles and Insolvency
Both Global TS and BubbleStar are now facing insolvency proceedings, and the police are investigating the circumstances surrounding the business’s collapse. The situation has become further complicated by the involvement of creditors, including franchisees who claim low profits.
Wohlmann’s past legal issues are also casting a shadow over the case. In 2024, he received a suspended sentence for tax evasion, forcing him to step down from his leadership positions within the companies. This conviction has raised questions about the transparency and legality of the business dealings that led to Voráček’s investment.
A Pattern of Financial Issues
The troubles surrounding Bubblify, a subsidiary of the Twist group, extend beyond Voráček’s investment. The company is currently facing a second insolvency petition, this time from Alkony-CZ, a firm known for its aggressive debt collection tactics. According to reporting from E15.cz, the claims made by Alkony-CZ are disputed and appear to originate with Wohlmann. Other creditors, including franchisees, are also beginning to file claims.
Wohlmann’s business dealings have also drawn scrutiny from Hlídač státu, a Czech organization that monitors public contracts and business connections. Records show his involvement in 20 private companies, including Global TS and BubbleStar, and reveal contracts worth millions of Czech crowns.
Voráček’s Bleak Outlook
Despite his initial optimism, Voráček now believes he is unlikely to recover his investment. “There will probably be a cross over those funds,” he stated, acknowledging the severity of the financial loss. The total investment is estimated to be at least 120 million Czech crowns, a substantial sum for the former hockey star.
This isn’t the first time Wohlmann has been linked to financial difficulties. In 2024, police seized the machinery used to produce the bubble tea pearls from Global TS following Wohlmann’s conviction. The ongoing legal battles and financial woes surrounding Bubblify and its associated companies highlight the risks involved in the bubble tea market and the importance of careful vetting of business partners.
The case serves as a stark reminder that even successful athletes are not immune to financial pitfalls, and that a seemingly promising investment can quickly turn sour when trust is misplaced. Voráček’s experience underscores the need for thorough due diligence and professional financial advice before embarking on any entrepreneurial venture.
As the insolvency proceedings continue and the police investigation unfolds, the full extent of the financial damage remains to be seen. The next step in the process will likely involve a review of the companies’ assets and liabilities, and a determination of how much, if any, money can be recovered for creditors, including Jakub Voráček.
