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Way had described how the band took inspiration from the '80s British rock group after having bottles thrown at them during their Reading performance back in 2006.
"I said to the guys, 'I never want to play this again until we headline'," he told NME.
"Kind of what Freddie Mercury once said when Queen were booed offstage at this festival [in Australia, at the Sunbury Festival in 1974]."
My Chemical Romance are due to headline the opening night at the Reading Festival and the Saturday night at Leeds. The festival is to take place from August 26 to August 28.
Other acts confirmed to headline include The Strokes and Muse.
Tickets for the festival are on sale now.
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