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When I saw it my guess was that they said, "Ok you can have an old shape Flite but we'll slap a nice big Selle-Italia logo on it so everyone knows where you got it." Dunno if that's right because Phil's was all black IIRC.

Fizik are BMCs partner sponsor – hence the discreet re-cover of Phil's saddle.

Yeah, Boonen was riding a plain re-covered Regal (without the rivets) for a while until they finally convinced him to use a Specialized saddle (maybe by appealing to his ego with a special signature model).

Of course, currently he's missing most of the season with a horrific saddle sore...