An automatic two-speed transmission for a fishing reel comprises a spool mounted on a spool shaft, a drive sleeve mounted on a drive shaft disposed parallel to the spool shaft. A low gear driver nonrotatably mounted on the drive shaft engages the low gear when the low gear rotates at a speed less than the drive shaft, the low gear driver disengaging from the low gear when the low gear rotates at a speed greater than the drive shaft. The low gear drives a low pinion gear that turns the spool. A high gear is disposed on the drive sleeve between clutch washers, the clutch washers providing frictional resistance against the high gear in order to engage the high gear, which in turn engages a high pinion gear that turns the spool. A tension preset device selectably adjusts the drive sleeve and the drive shaft axially relative to each other, squeezing the high gear between the clutch washers.
