Blackwell admitted that although the situation is beyond the control of himself and his players, the League One club are desperately close to going out of business.
He told Sky Sports News: "We've just to get on with it. There's not a lot we can do about the financials, but we've known that for the last four or five months - we just do what we can.
"But we're at that point now where I think everyone is aware, especially from the statement issued today that if no financial support comes in quickly that there will be no professional football at Gigg Lane - that is a stark, stark warning.
"It's very frustrating for everybody concerned but now it's all about people focusing on saving Bury Football Club.
"The board are realistic. They're just working as hard as they can to get the finances on an even keel. The club is a big thing in a lot of people's hearts and we've got to try and keep it going."
The former Leeds and Sheffield United boss was also quick to point out that the state of the game as a whole needs to be addressed as more and more clubs run into financial difficulties.
"The finances aren't the best but we've got to work with the club and the fans to sort this out, but we could be talking about any club," he added.
"It would help if the Premier League clubs set aside £1million, or half a million of this new money coming through and gave it to League One and Two clubs it would go a long way to solving a lot of problems - we've got to look at the finances in football."