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In a somewhat similar process, 'lead' (pronounced like the element) seems to have replaced 'led' (the participle or the preterite): "She lead the team."

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Lead sounds like read whereas lead sounds like read.

I've not seen this before. To me that reads like mixed tense, where lead (rhyming with steed) is the present tense of led

If "she lead the team" were in the present tense, it would be a gross foreign-speaker error; no native speaker is going to mess up our vestigial 3sg verb rule.

But as with lose/"loose", I don't think this is a pronunciation change in progress; I think it's just a spelling mistake, by analogy to read/read.

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