What does blinking red light mean on power button and how do we fix it to turn the tv on?

It may be a failure of the transistor that drives the flyback which would be much cheaper, easier, to source and replace. You really need at least a multimeter to check the transistor; checking the flyback requires a different instrument not commonly found at home. The precautions previously mentioned apply since the HV circuit may not be at fault meaning there could well be high voltage at the described terminal.

Sounds like the flyback,to replace it is very dangerous, if you not fimilar with high voltage 20 to 30,000 volts, it can kill you, be careful. you have to make sure the tv is unpluged from outlet,use a voltage probe or rubber insulated flathead screw driver made with wire and allagator clips. carefuly ground one end of clip to the shield or strap or a good ground from tv. run it under the cap on the picture tubeto discharge it,then turn cap counter clockwise to pull cap off. then turn the board upside down , use a solder ****** and solder iron to remove the flyback. get the # off the flyback,oder orignal or sub.then resolder.