<p>Treatment of a κ<sup>1</sup>-P-monodentate bicyclic diphosphane iridium(III) complex with a labile gold(I) precursor afforded an unusual Ir<sup>III</sup>/Au<sup>I</sup> complex in which the P–P single bond has been cleaved. This reaction was cleanly reversed upon addition of tertiary phosphine. Carbon–carbon bond activation, across neighbouring P<sub>2</sub>C<sub>2</sub>N rings of the coordinated bicyclic diphosphane, occurred upon thermolysis of the Ir<sup>III</sup>/Au<sup>I</sup> complex.</p>
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