The members get to vote on the leadership, and not all of them are so  blind  as to even consider the idea of having a debate in French with Justin Trudeau without having a credible leader, since Quebec votes count. A lot. The leadership campaign does have one such candidate, whose French is better than Justin's, and, moreover, has been a member of the previous government and has business experience and education.

On January 4 Mr. O'Leary sent members a link to his own website, asking if they are willing to support his candidacy (Yes) or not (No). It seems likely that this questionnaire to the membership will guide his course of action. 

To-day's  e-mail from Mad Max includes this tidbit: "I would welcome Kevin O’Leary to the race". So there it is: O'Leary is welcome, and he's going to run.