The first example of a P-phosphanylphosphorane, Flu�PCy 2 −PCy 2 (L2; Flu = 9-fluorenyl), has been easily prepared by P-phosphination of lithiated 9-dicyclohexylphosphinofluorene (FluPCy 2 , L0) with chlorodicyclohexylphosphane. L2 constitutes a new type of P(III)−P(V) organophosphorus compound, a σ 3 λ 3 −σ 4 λ 5 species that is stable under an inert atmosphere in the solid state. The reaction of L2 with [Rh(diene) 2 ]BR 4 causes metalation of the benzylic carbon (C9) of fluorene, giving κ 2 -C,P complexes in which fluorene is coordinated in the η 1 form. A complex with the weakly coordinating BArF anion has been isolated and fully characterized, including its crystal structure obtained by X-ray diffraction.