The power capacitor of the flash, which stores high Voltage current supply to be sent to the flash tube, has likely gotten old and maybe even dried out. If it has not dried out, it may be revivable. Simply leave the unit turned on and recycling for a very long amont of time (hour) and maybe the capacitor can be 're-formed'.so it will hold a charge (and the ready light then lights up). If the unit does not work after about an hour, the capacitor itself is likely dead and cannot be re-formed.
It used to be that flash manufacturer instructions would be to re-form the capacitors on a monthly or quarterly interval...just normal maintenance to keep things operating. Changing the capacitor technology often avoids that periodic 'maintenance' task today.