Utilizing 1-triphenylstannyl-3,5-di(tert-butyl)-1,2,4-triphosphole (2) as the transfer reagent for the 1,2,4-triphospholyl ligand, the new cobalt dicarbonyl complex (η 5 -t-Bu 2 C 2 P 3 )(CO) 2 Co (4) has been prepared. The reactivity of 4 and that of triphosphacymantrene (η 5 -tBu 2 C 2 P 3 )(CO) 3 Mn (3) toward carbonyl exchange have been investigated. When 3 or 4 are photolyzed in the presence of phosphanes the mono-and disubstituted complexes (η 5 -t- (5), Ph (6)) and (η 5 -t-Bu 2 C 2 P 3 )(CO)(PMe 3 ) 2 Mn (7) are obtained. In the absence of additional ligands, the irradiation of 3 in n-hexane results in the formation of the dinuclear rac and meso complexes {µ[1:1-5-η-t-Bu 2 C 2 P 3 ](CO) 2 Mn} 2 (8a and 8b). Under thermal conditions the carbonyl ligands of both 3 and 4 are replaced by isonitrile ligands to yield (η 5 -t-Bu 2 C 2 P 3 )(CN-Cy) 2 Co (9), (η 5 -t-Bu 2 C 2 P 3 )(CO)(CN-Cy)Co (10), and (η 5 -t-Bu 2 C 2 P 3 )-(CO) 2 (CN-Cy)Mn (11), respectively. The substances have been fully characterized including X-ray structural analysis for the complexes 4, 6, 7, 8a, 8b, and 9. Under both photochemical and thermal conditions the complexes 3 and 4 are much more reactive than their phosphorusfree cyclopentadienyl analogues. In contrast with cymantrene, triphosphacymantrene (3) seems to react via an associative pathway.