The most common and most likely answer to this crossword clue is the 8 letter word RENEGUES
I've seen this crossword clue in Financial Times
R
E
N
E
G
U
E
S
Buddy explains!
The straight part
We know that "Renounces" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case renounces = renegues.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does RENEGUES mean?
RENEGUES verb- To break a promise or commitment; to go back on one's word.
- In a card game, to break one's commitment to follow suit when capable.
- To deny; to renounce