Treatment of 4,4′‐diethynyl‐2,2′‐bipyridine with R3PAuCl (R = Ph, 4‐Tol, Et, iPr) leads to the formation of a family of (phosphane)gold(I)‐decorated 4,4′‐diethynyl‐2,2′‐bipyridine ligands. The solid‐state structures of the compounds are significantly affected by the change from aryl‐ to alkyl‐substituted phosphanes, whereas the progression from ethyl to isopropyl substituents leads to a subtle change in the packing that results in the propagation of two different polymeric chain motifs, both supported by close Au···Au contacts [3.1239(1) Å for R = Et, and 3.395(1) Å for R = iPr]. In CH2Cl2 solution, each of the compounds 1–4 is a dual emitter at room temperature. When the excitation wavelength is approximately 238 nm, the emission spectra of 1 and 2 exhibit new bands at 288 and 570 nm at the expense of the original emissions. The photodegradation is not inconsistent with the formation of gold nanoclusters. (© Wiley‐VCH Verlag GmbH & Co. KGaA, 69451 Weinheim, Germany, 2009)