“Structural” AlMe2(bht) was found to be an integral building block of the “TMA‐free” olefin polymerization cocatalyst MAO/BHT (TMA = trimethylaluminum, MAO = methylaluminoxane, BHT = 2,6‐di‐tert‐butyl‐4‐methylphenol). NMR studies show that treatment of MAO/BHT with the neutral N‐donor pyridine (py) leads to selective generation of neutral AlMe2(bht)(py). The reaction of MAO/BHT with 2,2'‐bipyridine (bipy) generates cationic [AlMe(bht)(bipy)]+ fragments (bht = BHT phenolate), analogously to what happens when unmodified MAO is treated with bipy, causing [AlMe2(bipy)]+ formation. This suggests that the activation of an olefin polymerization precatalyst LnMX2 (X = Me or Cl) can occur via an indirect pathway involving [AlMeR]+ (R = Me or bht) transient species (rather than direct Cl/Me abstraction by the Al‐cages) not only when unmodified MAO is exploited but also in the case of “TMA‐free” BHT‐modified MAO. The high chemoselectivity of py for neutral Al adducts however presents a distinct difference to unmodified MAO. These observations indicate that a) “structural” TMA is converted into “structural” AlMe2(bht) upon reaction of MAO with BHT and that b) MAO/BHT is harder to ionize than unmodified MAO. A refined formula and cluster size estimation [(AlOMe)0.87(AlMe2bht)0.13]n (n = 57–84) is proposed for MAO/BHT based on this new experimental evidence, accounting for the presence of “structural” AlMe2(bht) units.