It was revealed on Wednesday that the Shakers require an urgent injection of £1million or risk going out of business.
There is a very real threat that the club will be forced to fold if investment cannot be found.
Bury are doing all they can to bring funds in, but Blackwell concedes that a concerning level of uncertainty has engulfed Gigg Lane.
He told Sky Sports News HD on Thursday: "What it's done is upset everybody at the football club, because it's in such stark terms that the club will not be here if we don't get money imminently.
"That's come as a real shock to everybody. Every member of staff, not just the players - the groundsman, the commercial staff, everybody, were very much taken aback and shocked.
"It's been really this morning about having a chat with them as much as I can and help them, but it's very difficult not knowing the actual circumstances as to where we are going with this one."