There is a thread "what causes this and how do I treat it" farther down here. Tons of advice and a fair share of arguments. And since im the one who brought up the sauerkraut treatment, of course I'll suggest this too to clear up the wound and make it treatable. The other thread even explains why it works and it helped my horse.
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A lot of creams - especially anything oily/greasy will actually 'feed' the fungus and anything that doesn't have antifungal qualities that creates a warm damp area will also feed it.
I don't think you mentioned if you now have this horse stabled or at least on some dry standing away from the source of infection - the soil in the pasture he was in will just keep reinfecting him as the fungal spores are living in it.