A fly reel comprises a housing having a back plate, a spindle extending from the back plate, a spool rotatably mounted on the spindle, an adjustable drag assembly fixed to the spool and rotatably mounted with the spool, the adjustable drag assembly is adapted to provide controlled friction against the spool during rotation of the spool, a crank member for rotating the spool in a first direction, and a one way clutch operatively associated with the spindle for permitting rotation of the crank member in the first direction only whereby the spool is adapted to rotate independent of the crank in a second direction that is opposite the first direction. In addition, the drag adjustment knob of the reel is disposed on the same side as the reel crank handle and the drag components may be sealed within a cartridge.
