Crossword Genius

Misplaced cheers or a fast nag (9)

Ross

I believe the answer is:

racehorse

I'm a little stuck... Click here to teach me more about this clue!

'fast nag' is the definition.
The definition and answer can be both animals as well as being singular nouns.
Perhaps there's an association between them I don't understand?

'misplaced cheers or a' is the wordplay.
'misplaced' indicates anagramming the letters.
'cheers'+'or'+'a'='cheersora'
'cheersora' is an anagram of 'RACEHORSE'.

Can you help me to learn more?

(Other definitions for racehorse that I've seen before include "Animal" , "runner" , "Arab possibly" , "jumper?" , "Competitive beast" .)

I've seen this clue in the Sydney Morning Herald.
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