The chemistry of polyphosphorus cations has rapidly developed in recent years, but their coordination behavior has remained mostly unexplored. Herein, we describe the reactivity of [P5R2]+ cations with cyclopentadienyl metal complexes. The reaction of [CpArFe(μ‐Br)]2 (CpAr=C5(C6H4‐4‐Et)5) with [P5R2][GaCl4] (R=iPr and 2,4,6‐Me3C6H2 (Mes)) afforded bicyclo[1.1.0]pentaphosphanes (1‐R, R=iPr and Mes), showing an unsymmetric “butterfly” structure. The same products 1‐R were formed from K[CpAr] and [P5R2][GaCl4]. The cationic complexes [CpArCo(η4‐P5R2)][GaCl4] (2‐R[GaCl4], R=iPr and Cy) and [(CpArNi)2(η3:3‐P5R2)][GaCl4] (3‐R[GaCl4]) were obtained from [P5R2][GaCl4] and [CpArM(μ‐Br)]2 (M=Co and Ni) as well as by using low‐valent “CpArMI” sources. Anion metathesis of 2‐R[GaCl4] and 3‐R[GaCl4] was achieved with Na[BArF24]. The P5 framework of the resulting salts 2‐R[BArF24] can be further functionalized with nucleophiles. Thus reactions with [Et4N]X (X=CN and Cl) give unprecedented cyano‐ and chloro‐functionalized complexes, while organo‐functionalization was achieved with CyMgCl.