I don't normally put any stock at all in websites discussing Freddie's sexuality, but I stumbled on this and since it's freakin' iTunes, the current biggest supplier of downloadable commercially available content, it's despicable that new fans reading statements like this might actually believe it because it's on a "reputable" (or at least popular) site:
===From the iTunes Biography of Queen===
"Mercury, it must be said, was a flamboyant bisexual who managed to keep his sexuality in the closet until his death from AIDS in 1991. Nevertheless, his sexuality was apparent throughout Queen's music, from their very name to their veiled lyrics — it was truly bizarre to hear gay anthems like "We Are the Champions" turn into celebrations of sports victories."
Near as I've ever heard Freddie claim, WATC was just a song for "winners," a triumphant anthem for anyone who felt victorious in anything (sports, getting that promotion, getting a high score in a video game). If you're going accuse anything of being a gay anthem, at least look at something like "Get Down, Make Love" or "Body Language" (I'd still disagree, but it would make 1000x more sense).