But outgoing chairman Peter Ridsdale has defended the position he is leaving the club in whatever the Wembley score.
"With the turnover in the new stadium, the overhead structure now is fine for the Championship," said Ridsdale, who leaves a debt estimated at £15m.
"There's a lot of money riding on the outcome and there are a lot of reputations riding on the outcome," acknowledged Ridsdale, in an extended interview for Friday's Sport Wales television programme.
Cardiff have already survived four winding-up orders as Her Majesty's Revenue and Customs demand repayment of a £1.9m debt, new Malaysian investors set to step in before a fifth trip to the High Court.
Blake, a favourite of the Bluebirds fans in his time at the club, says it is now or never for Cardiff's dreams of making the big time.
"I can't really stress the level of importance - it's a game that Cardiff just cannot afford to lose," he told BBC Sport Wales.
"I think a lot of people fear if they don't win on Saturday and do stay in the Championship, what is coming is not going to be pretty.
"I don't think the club would fold but cutting back seems inevitable with their debt."
Cardiff's players have successfully put the off-field problems aside throughout the season and they are clearly focusing on doing their best for the club.
"It would be a massive achievement for this side and for Welsh football," captain Mark Hudson told BBC Sport Wales.
"This club is geared up to be [in the Premier League], now we've just got to get them there.
"It will be a massive achievement to lead the side out at Wembley and my family will be there to watch.
"But there's no point if we don't cross that line as winners and we've got a big task yet.
"We won't under-estimate Blackpool at all. We've had two tough games against them this season."
Cardiff-born Bluebirds and Wales midfielder Joe Ledley could be making his last appearance for the club as he is out of contract at the end of the season.
"[The match is a] dream come true, one of the biggest I've played in.
"[Getting to the Premier League] would be one of the biggest achievements of my life and - being a local boy - one of the best things I could do for Cardiff City.
"[Imagine] getting the likes of Liverpool and Manchester United down here to fill out our great new stadium.
"The club's come a long way. We've got a great team and the best gaffer [Dave Jones] I've ever worked with.
"Missing out [on the play-offs] last year was very hurtful - we've done well to learn from the mistakes and come back here.
"We're all looking forward to it but it will be a tough game, Blackpool are a great team who played brilliantly in the semi-final against Nottingham Forest.
"It'll be a game where both sides are trying to pass the ball, to get it on the ground and move it.
"It will be a full house, we have to keep our nerves, be patient and then we've got a good chance of winning.
"It's going to be one of those games where it comes down to what happens on the day."
*Catch BBC Sport Wales' Cardiff City play-off special on BBC TWO Wales on Friday at 2100 BST
Source: BBC Sport
Source: BBC Sport