Common iron(II), cobalt(II), and nickel(II) bromides were reacted with 2,2′-bis(diisopropylphosphino)tolane 1-P (R = i Pr), which led to the isolation of P-heterocyclic chelate complexes (2-M, M = Fe, Co, and Ni) containing a new C−P and a new C−M bond. Attempts to reduce complexes 2-M (M = Fe, Co, and Ni), however, were unsuccessful, that is, no C−C coupling was observed, while diphosphadibenzo[a,e]pentalene formation was noticed in the majority of our experiments. To suppress the latter reactivity pattern, the reduced stability of As-ylides (in comparison to P-ylides) was exploited by preparing the arsaderivative of the ligand (1-As, R = i Pr), which was found to resist diarsadibenzo[a,e]pentalene formation. The lower tendency of 1-As to cyclize is also reflected in its reactions with MBr 2 (M = Fe, Co, and Ni). For M = Co, a κ 2 -As,As-coordinated complex (3-Co) with an uncoordinated alkyne backbone was obtained, while pincer formation was found to occur for M = Fe (3-Fe). Only in the case of nickel, an As-heterocyclic species (3-Ni) akin to 2-Ni was isolated. Upon reduction of 3-Ni, a trimetallic metallacyclopentadiene (4-Ni) was produced via alkyne C−C coupling, inferring that 3-Ni is prone to ring-opening under reducing conditions. Reduction of 3-Co was only successful in the presence of CO (2.5 atm), which led to the formation of a new As−C bond and the isolation of an As-heterocyclic cobalt tricarbonyl complex (5-Co). For 3-Fe, neither intermolecular C−C nor intramolecular As−C coupling was observed, but an unusual mixed-valent dimer with an [Fe 2 (alkyne) 2 ] + core (4-Fe) was generated and isolated upon reduction with Zn powder. Compounds 4-M (M = Ni and Fe) are discussed in the context of alkyne cycloadditions, given that related motifs have been proposed as key intermediates in these transformations.