A fishing reel including a housing and a nonrotatable main shaft fixed to the housing. A spool including a one-way clutch having a central bore rotatable about the main shaft is also provided. The reel further includes a sleeve located coaxial to and extending along the main shaft. The sleeve is supported for rotation by first and second bearing assemblies. The first bearing assembly has an inner race fixed with respect to the main shaft and an outer race fixed with respect to an inner surface of the sleeve. The second bearing assembly has an inner race fixed with respect to an outer surface of the sleeve and an outer race fixed with respect to the central hub. At least one drag washer is non-rotatably located on the sleeve. An end of the sleeve adjacent the first bearing assembly is received in the one-way clutch.