"Led" sounds correct, but in the dictionary "lead" is listed as the present tense and "led" as the past tense.
Anyway, the form 'led' is not only the past tense form but also the past participle of lead.
The past participle is used to form the passive voice, therefore you can use 'led' in the present tense passive:
"The group is led by xy."
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"Lead" should be "led", even in the present tense, because it is an abbreviated way of saying, "being led by ...". The unstated present tense of this verb phrase is "being."
Note that the other present tense verb here--"managed"--is correctly stated in the past tense. If the present tense of "lead" were appropriate, the present tense of any similar verb should also be used, so it would say, "The BB Team, lead and manage by Mr. C, is part of ...", which is (or seems to be) clearly wrong. Anyway, by substituting other words in place of "led," such as "managed," "guided," "supervised," etc., the past tense is clearly correct according to common usage and maybe we can get over this hang-up based on an overly-literal misapplication of the dictionary.
Pemmican'lead' is indeed present tense.
You correctly state that "lead" is the present tense. It would also be helpful to point out that when it is used in the present tense, it is pronounced "leed" as in "I am the Group Leader and I will lead the discussion."
The only time that the spelling "lead" is pronounced like "led" is when refers to a heavy metal used in plumbing and bullets. Improper use gets through spell checkers so often that it starts to appear correct.
Red is a colour. The word should be read. The pronunciation for both of these words is the same, but they have different meanings. The present and past tense for read are the same, but they are prononced differently.
It would make much more sense if all similarly spelled verbs followed the simple "-ed" suffix rule to obtain the past tense spelling.
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