Abstract: A fly fishing reel assembly has a line spool 4 mounted for rotation on a spindle 6 in a cage 2. Provided on the cage is a drag mechanism 11 having a rotor 12 co-axial with the spool and rotatable relative to the carrier. The resistance to rotation of the rotor 12 is variable by rotation of a wheel 15. Rotatable with the spool 8 are pivotted latch levers 20 which are engageable with a circumferential array of teeth 13 on the rotor. An adjustable slide ring 22 on the spool optionally pivotally adjusts the latch levers 20 from the first position in which relative rotation between the spool and cage in one sense of direction couples the spool through the latch levers 20 to rotate in unison with the rotor 13 (and therefore rotational resistance to be applied) whereas during said relative rotation in the opposite sense of direction the latch levers 20 trip over the teeth 13 for the spool to rotate freely.