Addition of the new phosphonium carborane salts [HPR(3)][closo-CB(11)H(6)X(6)] (R = (i)Pr, Cy, Cyp; X = H 1a-c, X = Br 2a-c; Cy = C(6)H(11), Cyp = C(5)H(9)) to [Rh(nbd)(mu-OMe)](2) under a H(2) atmosphere gives the complexes Rh(PR(3))H(2)(closo-CB(11)H(12)) 3 (R = (i)Pr 3a, Cy 3b, Cyp 3c) and Rh(PR(3))H(2)(closo-CB(11)H(6)Br(6)) 4 (R = (i)Pr 4a, Cy 4b, Cyp 4c). These complexes have been characterised spectroscopically, and for 4b by single crystal X-ray crystallography. These data show that the {Rh(PR(3))H(2)}(+) fragment is interacting with the lower hemisphere of the [closo-CB(11)H(6)X(6)](-) anion on the NMR timescale, through three Rh-H-B or Rh-Br interactions for complexes 3 and 4 respectively. The metal fragment is fluxional over the lower surface of the cage anion, and mechanisms for this process are discussed. Complexes 3a-c are only stable under an atmosphere of H(2). Removing this, or placing under a vacuum, results in H(2) loss and the formation of the dimer species Rh(2)(PR(3))(2)(closo-CB(11)H(12))(2) 5a (R = (i)Pr), 5b (R = Cy), 5c (R = Cyp). These dimers have been characterised spectroscopically and for 5b by X-ray diffraction. The solid state structure shows a dimer with two closely associated carborane monoanions surrounding a [Rh(2)(PCy(3))(2)](2+) core. One carborane interacts with the metal core through three Rh-H-B bonds, while the other interacts through two Rh-H-B bonds and a direct Rh-B link. The electronic structure of this molecule is best described as having a dative Rh(I) --> Rh(III), d(8)--> d(6), interaction and a formal electron count of 16 and 18 electrons for the two rhodium centres respectively. Addition of H(2) to complexes 5a-c regenerate 3a-c. Addition of alkene (ethene or 1-hexene) to 5a-c or 3a-c results in dehydrogenative borylation, with 1, 2, and 3-B-vinyl substituted cages observed by ESI-MS: [closo-(RHC[double bond, length as m-dash]CH)(x)CB(11)H(12-x)](-)x = 1-3, R = H, C(4)H(9). Addition of H(2) to this mixture converts the B-vinyl groups to B-ethyl; while sequential addition of 4 cycles of ethene (excess) and H(2) to CH(2)Cl(2) solutions of 5a-c results in multiple substitution of the cage (as measured by ESI-MS), with an approximately Gaussian distribution between 3 and 9 substitutions. Compositionally pure material was not obtained. Complexes 4a-c do not lose H(2). Addition of tert-butylethene (tbe) to 4a gives the new complex Rh(P(i)Pr(3))(eta(2)-H(2)C=CH(t)Bu)(closo-CB(11)H(6)Br(6)) 6, characterised spectroscopically and by X-ray diffraction, which show coordination of the alkene ligand and bidentate coordination of the [closo-CB(11)H(6)Br(6)](-) anion. By contrast, addition of tbe to 4b or 4c results in transfer dehydrogenation to give the rhodium complexes Rh{PCy(2)(eta(2)-C(6)H(9))}(closo-CB(11)H(6)Br(6)) 7 and Rh{PCyp(2)(eta(2)-C(5)H(7))}(closo-CB(11)H(6)Br(6)) 9, which contain phosphine-alkene ligands. Complex has been characterised crystallographically.