Leadership research, particularly in sport management settings, is characterized by post-positivist approaches that are permeated by quantitative designs, largely neglecting the role of context and stakeholders. Leadership is socially constructed by agents in relation to their experiences and understandings of the situation. Social constructivism was adopted in this case study exploring individual stakeholder constructions of leadership within the context of organizational change in intercollegiate athletics. Interviews with 57 stakeholders of a mid-western university athletic department were conducted. The findings suggest that stakeholders' perceptions of leadership were broadly defined, accounts were embedded within the context, and articulated dependent on stakeholder experiences and relationships within the athletic department. The implications are that leadership is shaped and constructed by stakeholders in relation with their experiences with organizational processes. Furthermore, in order to facilitate organizational change, a shared approach to leadership may prove effective.