Transition-metal phosphanides M−PR 2 are key intermediates in catalytic C−P bond functionalization. M−PR 2 formation from tertiary phosphines through P−C bond cleavage widens the scope beyond P−H functionalized substrates, but mechanistic understanding of this reaction still is fragmentary. Starting from a defined coordination complex has allowed monitoring the reaction of a Pt-PPh 3 moiety and Pt(0) by NMR spectroscopy. Initial Pt(0) transfer is rate-limiting and leads to products from PPh 3 -borne ortho-C−H and C−P bond cleavage along kinetically distinct pathways. Albeit kinetically favored, the reversibility of C−H bond cleavage eventually leads to thermodynamically preferred C−P bond scission. This pathway affords a robust [Pt(μ-PPh 2 )Pt] core structure whose redox chemistry and reactivity toward external ligands are reported. Organometallic products have been substantiated by a combination of magnetic resonance and absorption spectroscopies, X-ray diffraction, and DFT computations.