no spark in capsized 70 hp outboard

Hi guys/gals, I need some advice. A friend has a 70 hp merc that was running when the boat it was on capsized. Everyone was ok, boat was righted and engine had quit. Back at the ranch the engine was turned over to shoot out water, and oil was added to the cylinders but the engine wouldn't spark. It turns over no problem, but no spark ... nada!
It is the electronic control module that would be shot here? What do you think it would take $ wise to get it running again? I can get this motor, tilt, trim , elec start all controls etc for pretty much free, but wonder what I woudl have to put into and what chance there would be of it working like the top it used to be?
thanks for your help on this.

May be nothihng more than the shut down circuit from the key switch that is still closed from water. Thing is........that engine has to be started within hours of submersion. Oiling the cylinders is certainly a nice thing but the critical items are the crank and rod bearings. Water has migrated into those and is sitting in them and unless the engine is started fairly quickly permanent damage will occur. There is a post down farther that you should read. Threw my motor overboard I think it is called.

thanks for the tip .. the story gets worse, I neglected to say this happened last year, and the boat and motor sat out all winter in the freezing temps. Most likely good only for the parts now, like controls and trim and tilt etc. Bottom leg should be ok though.

not good.