The electronic structure of the four members of the electron transfer series [NiL]z (z = 3+, 2+, 1+, 0) have been established experimentally (EPR spectroscopy and X-ray crystallography) and by density functional theoretical (DFT) calculations using the B3LYP functional in conjunction with a conductor-like screening model (COSMO) for acetonitrile solvent effects. L represents a generic designation of the tetradentate macrocycle 2,12-dimethyl-3,7,11,17-tetraazabicyclo[11.3.1]-heptadeca-1(17),2,11,13,15-pentane where the true oxidation level is not specified; (LOx)0 represents its neutral form, (L˙)1− is the one-electron reduced π radical anion, and (LRed)2− is the singlet (or triplet) diradical dianion of this ligand. It is shown that the above series consists of square planar [NiIII(LOx)]3+ (S = 1/2), [NiII(LOx)]2+ (S = 0), [NiII(L˙)]1+ (S = 1/2), [NiII(LRed)]0 (S = 0). The structure of [NiII(LRed)]0 has been determined by X-ray crystallography. The electrochemistry of [NiII(LOx)](PF6)2 in the presence of hard chloride anions shows the presence of trans-[NiIII(LOx)Cl2]+, the EPR spectrum of which has been recorded and calculated, and of trans-[NiII(LOx)Cl2]0 (S = 1). Upon further reduction the coordinated Cl− ligands dissociate and [NiII(L˙)]1+ and [NiII(LRed)]0 are successively generated. Similarly, in the presence of good π-acceptor ligands such as CO or P(OCH3)3 the following five-coordinate, square base pyramidal species are found to be stable: [NiI(LOx)(X)]1+ (S = 1/2), [NiI(L˙)(X)]0 (S = 0, 1) (X = CO, P(OCH3)3). As shown by EPR spectroscopy in the work of J. Lewis and M. Schröder, J. Chem. Soc., Dalton Trans., 1982, 1085, the monocations consist of a central nickel(I) ion (d9, SNi = 1/2). These spectra have been faithfully reproduced by the calculations. The neutral complexes [NiI(L˙)(X)]0 are singlet or triplet diradicals comprising a central nickel(I) ion and a π radical anion (L˙)1−. Interestingly, six-coordinate species trans-[Ni(L)(X)2]n (n = 2+, 1+, 0) are computationally not stable in the gas phase or in solution. No experimental evidence has been found for their existence.