Notwithstanding four decades of active research, very rare examples of diphosphabutadiene complexes arising from dimerisation of the phosphaalkyne CH3–C[triple bond, length as m-dash]P have been reported. Herein, we show that methyl phosphaalkyne dimerises in the coordination sphere of Cp′′′Co fragments to yield the unprecedented diphosphete complex [Cp′′′Co(η4-P2C2Me2)] (1) and the triple-decker complex [{Cp′′′Co}2(μ,η4:η4-P2C2Me2)] (2). Compound 2 can be oxidised with Ag[Al{OC(CF3)3}4] (Ag[TEF]) to give [{Cp′′′Co}2(μ,η4:η4-P2C2Me2)][TEF] (3). Additionally, it shows an unusual coordination behaviour towards copper halides and [W(CO)4(nbd)] (nbd = norbornadiene). Its reaction with CuCl leads to the formation of the 1D polymer [{Cp′′′Co}2(μ,η4:η2:η1:η1-P2C2Me2){Cu(μ-Cl)}2]n (6) while its reaction with CuBr, CuI and [W(CO)4(nbd)] results in the metallacyclic compounds [(Cp′′′Co){μ3,η4:η1:η1-P2C2Me2}(CH3CN){Cu(μ-X)}2]2 (X = Br (7a), I (7b)) and [Cp′′′Co{μ3,η4:η1:η1-P2C2Me2}{W(CO)4}]3 (8). In 6, an isomerisation of the diphosphete ring to a diphosphacyclopentadienyl ring occurs. In 7 and 8, the loss of Cp′′′Co moieties from the former compound 2 is observed. The formation of 1,3-diphosphete rings in 1 and 2 instead of the more thermodynamically favoured 1,2-diphosphete rings are explained by DFT computations.