A mixed-valent Cr(I)-Cr(II) binuclear complex, {κ(1),κ(2),κ(3)-N,P,P-cyclo[(Ph)PCH2N(CH2Ph)CH2]}2(CrCl2)[Cr(μ-Cl)(AlClMe2)]·4toluene (1), of a P2N2 cyclic ligand was obtained upon treatment of the chromium precursor with alkylaluminum. Complex 1 was accessible from either its trivalent or divalent precursors, and density functional theory calculations revealed the presence of only σ- and π-orbital interactions in the Cr-Cr bond.