The present study explored the experiences of leaders and friends within sport and the impacts a pre-existing friendship could have on their sporting and social relationships. The features of a leader-friend dyad were also investigated. In an exploratory, qualitative study of eight university athletes (four captain-friend dyads), the current study found that a captain-friend dyad can be characterised by communication in play and outside competition, social support, an equal distribution of power, the creation of clear boundaries, trust, positivity, sharing a similar personality and professionalism. The study also identified positive and negative implications of having a pre-existing friendship within a captain-friend dyad, namely positive performance-related behaviours, a fear of exploitation and member isolation. This study’s findings create a strong foundation for future literature to expand upon, with a greater emphasis on understanding how friendships impact opposite sex leader-friend dyads.