Reaction of the bis-(3,4)-dimethylphosphole-Xanthene 1b with [NiBr2(DME)] afforded a new nickel(II) dibromide complex, 2. Both its color and its NMR behavior change with temperature and solvent due to changes in the spin state of the complex. This led us to study the complex spin states using DFT calculations. Furthermore, the activity of 2 in catalyzed ethylene dimerization was studied, revealing both high activity and selectivity toward the production of 1-butene.