The MAO/BHT (MAO = methylaluminoxane; BHT = 2,6-di-tert-butyl-4-methylphenol) cocatalyst for olefin polymerization has been investigated by NMR spectroscopy. It has been found that it consists of oligomeric [AlOMe 0.9 (bht) 0.1 ] n cages and monomeric MeAl(bht) 2 (bht = deprotonated BHT). Diffusion NMR indicates an average n for Al clusters of 62−96, i.e., 2−3 times higher than that estimated for unmodified MAO under analogous conditions (n ≈ 26− 41). The reactivity of MAO/BHT has been explored by monitoring the activation of the Cp*−phosphinimide titanium dichloride precatalyst Cp*(tBu 3 PN)TiCl 2 . Comparison with independently synthesized model species and DFT modeling allowed characterization of the reaction mixtures obtained at varying aluminum to titanium ratios. Homodinuclear adducts [Cp*(tBu 3 PN)TiX] 2 (μ-Y) + (X, Y = Me or Cl) forming outer sphere ion pairs (OSIPs) with MAO/ BHT-derived anions are dominant at low Al/Ti ratios, whereas mononuclear inner sphere ion pairs [Cp*(tBu 3 P N)TiX] + [MAO/BHT] − are formed at high Al/Ti ratios; both types of species are found to be viable precursors for the cationic active species. Activation of dibenzyl analogue Cp*(tBu 3 PN)TiBn 2 results in the clean formation of [Cp*(tBu 3 PN)Ti-Bn] + [MAO/BHT] − OSIP, giving sharp 1 H and 31 P NMR signals; this reaction was exploited to quantify the amount of strongly acidic sites on Al clusters, shedding further light on the structure and properties of MAO/BHT.