Britain's most decorated Formula One team are taking a spectacular $80million gamble on their future that could result in a clear-out of their top names if it all goes wrong.

Standard Sport can reveal that McLaren had to pay $80m (almost £57m) in compensation to engine supplier Honda to end their disastrous three-year partnership.

The relief at McLaren headquarters was palpable when the two went their separate ways and the team was able to buy in Renault engines. But Standard Sport understands the patience of McLaren’s owners — the French-Arab businessman Mansour Ojjeh and Mumtalakat, the Bahrain sovereign wealth fund — is stretched to breaking point.

They are paying Fernando Alonso more than £20m a year, yet the two-time world champion has got nowhere near the podium in three seasons. Worse still, in 60 grands prix Alonso has failed to start twice and retired 17 times, with a highest-placed finish of just fifth.

Zak Brown, the chief executive brought into replace Ron Dennis, has been talking up the new relationship with Renault ahead of the first grand prix of the season on Sunday in Australia.

Alonso has warned there could be pain in Melbourne as the new set-up beds in, but the Spaniard, like Brown, has been long on optimism though the past three seasons yet short of good results.

The reality is McLaren now stand behind the Renault works team, which is promising big improvements this year, and Red Bull, long-time Renault engine customers, who many believe will be Lewis Hamilton’s biggest challengers this year.

The comparisons with the two other teams could be stark and will have Ojjeh and his fellow directors in the McLaren boardroom in Woking scrutinising every result and wondering whether they will have to split with not just Alonso, but also senior executives like Brown.

It is high stakes for a team that once ruled Formula One, chalking up 20 titles as top constructor and for drivers like Ayrton Senna and Hamilton. Without a victory since Brazil in 2012 or even a podium since Australia the following year, the pressure is on.

McLaren has lost major sponsors like Vodafone, meanwhile, Alonso is left hoping that the team’s $80m gamble will pay off soon.