Are you familiar with how to work the menu system as that will greatly help you diagnose the ring along with any other issues. If not, on the inside of the coin door, you will see a few buttons. One of those buttons will bring up the "portal menu" on the display. Go into diagnostics and search around for a bit. Eventually you will see how to test different features such as the magnet. First, make sure the magnet hasn't been disabled. If not, to check high powered items, the coin door will need to be shut, or you will need to pull out the little white switch inside the cabinet to the left of the door. If the magnet doesn't work in the magnet test, check the fuse. If not the fuse, look at the wiring to magnet and make sure nothing is detached. If all still looks good, my next step will require a little board trial. Find out which transistor controls the magnet. You then take a jumper wire attached to a ground and touch the tip of that transistor. If you hear a buzz, meaning the magnet is working, it probably means the transistor is bad and you'll need to replace that.

Is the spinner in good condition or does it have some bushing (beat to crap) on its side. If so, I would just buy a new spinner as they're not very much. However, if the spinner is in good shape aside from the wire guides on both ends, you should be able to just pinch in the shorter area to get it off one side of the bracket. Then, just guide the longer wire part out of the other bracket. Careful when you're adjusting, though, as too much adjusting will break the metal.