Oldham substitute Matt Smith powered home the decisive goal with just 11 minutes to go after he latched on to Kirk Millar's inswinging cross.
It has been a traumatic week for Bury, desperately short of resources, although it was rumoured that potential new investors were sat in the stands.
Blackwell said: "Once again you've seen just how difficult it has been for us all this season.
"We've hardly got any players and we were only able to name four on the bench.
"A couple of them were teenagers.
"Whatever happens from here on in though, these lads can go away and hold their heads up high.
"We've not always been able to call on the best quality, but in terms of effort they've never given this club less than 100 per cent.
"They've never given up in any game this season and they won't do that in our last few games.
"It's just heart-breaking, but we'll just have to see what happens over the next couple of weeks and then hopefully in the summer.
"If nobody comes forward with any money over the next fortnight there might not be a club left by the start of next season."