Abstract: A retracting tensioning mechanism for dispensing an elongated member such as a length of yarn wound on a carrier tube in a creel utilizes a rotatably mounted disk coupled to the carrier tube and having a plurality of outwardly extending, spaced-apart elements in the form of pegs disposed in a circular array about the outer periphery thereof. An elongated lever which is at least partly disposed within the circular array of pegs is rotatably mounted about a pivot axis offset from and generally parallel to the axis of rotation of the disk and the carrier tube and has an elongated tongue extending outwardly from the pivot axis and into contact with the pegs.