A tensioning system for use with an article of footwear includes a pulley assembly. The pulley assembly may include a first disc and a second disc connected by a central shaft. A tensioning element can be engaged around the central shaft. A ring element can be used to prevent the tensioning element from disengaging the pulley when there is slack in the tensioning element. The pulley assembly can include a guide portion that guides a tensioning member so as to restrict the entry angle of segments of the tensioning member.