Freddie Mercury wrote this and dedicated it to Norman Sheffield, Queen's former manager and a co-owner of Trident Studios. Queen felt that Norman had not provided them with the support they needed, and so Mr. Sheffield and the band parted company prior to the recording of A Night At The Opera
The surviving band members noted the unhappy atmosphere in the Days of our Lives
documentary, explaining that the band felt hard done by when they were producing hit singles without seeing any of the money - and with incidents such as Roger Taylor being told he couldn't hit the drums too hard as they supposedly "couldn't afford" new drumsticks. But as Taylor noted, "you see them (the management) running around in stretch limos and think 'hang on there's something not right here!'"
The split occurred under very acrimonious circumstances, and this song acted as something of a final word from the band. The lyrics form a harsh character portrait that outline the band's full animosity towards their former acquaintance. Mercury was reportedly not a fan of the song after writing it, having felt it was too angry and bitter, but May encouraged him to complete it.
Andy - Sacramento, CA