Following are different solutions which might support you to resolve your problem:

Solution 1 For LG TV Blinking

LG recommends unplugging the TV for 6 hours (to allow the internal caps to drain) before plugging it back in and turning it on. This resets something on the power board, which could have been the source of the issue. Aside than that, it's a hardware issue. I'm not sure whether your warranty is still valid - if it was a one-year or three-year, but if you paid using a credit card, many of them offer a two-year extended warranty on purchases.

Solution 2 For LG TV Flashing Red Light Won’t Turn On

You have the 3.5V on standby, right? Fuse F2 should be checked for continuity, and the voltages to the right side of the transformer should be visible. You could measure the bottom of the board to determine if those are present. There appears to be at least one diode as well as a power transistor in the area where the clicking occurs.

You could double-check those components. For the time being, if everything checks out and your board does not have the 13.2 Voltage, it is likely that the power board is defective (Apart from faulty capacitors). Do you know Spectrum Forwarding? If you don't know anything about this then will all the information regarding this topic from Technologi Touch.

Solution 3 For LG TV Red Light Blinking

Look for any bulging or leaking capacitors coming from the top vent. An ESR meter can be used to confirm a failure in the caps, but it isn't required if you don't have one.

WARNING: Make sure all caps are discharged before tinkering with them!!

One of LG user encountered this problem and he suggested solution:

“The most of the caps were change, but not the little ones. Wasn't that the case? It was working after I replaced the strips, wasn't it? I have MOSFETs out and components here, but I had to remove the repair station from the dining room table while relatives came to visit. I haven't had the opportunity to taste them yet. They're the small components beneath the heat sinks. To be honest, I don't think it'll be them.

Anyone who wants to "experiment" with this television should just buy one of the inexpensive ESR meters. I grabbed an MK-328 LCR ESR tester. It cost about $25 and took a few weeks to arrive from China. You can use it to examine the caps without de-soldering them after they've been discharged. Caps are inexpensive, but when you factor in shipping, this hit-or-miss item becomes prohibitively expensive.

To be honest, I wish, I had just bought another one—I've already spent half of the initial amount, with more to follow. It's just a matter of time before I lose hope. But now that I have the tester, which can test the items on the board, I'm hoping to come across a bad part when I get back to it! Good luck to me. I'm overdue for some.”