A favorite = Scola. (Because Scola was) a favorite (favored to win the election) at the time that [the conclave that elected the new pope on Wednesday] was about to begin, Scola's loss ... Does that help?
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NL888I still have the difficulty of understanding its grammar.A favorite heading into the conclave that elected the new pope on Wednesday, Scola's loss has sparked speculation that the papacy — the exclusive property of Italy over a span of 456 years and 45 popes, ending with the election of John Paul II in 1978 — may never return to the country.