The Manchester United vice-chairman responsible for attaching the club's brand to everything from noodles to outboard motors, turbocharging their revenues in the process, has made the United States their new No1 target. Ed Woodward said that a number of factors had come together to make the US the club's priority for expansion as it prepares to open a New York office and hold a number of "fan parties" across North America.

Meanwhile the Premier League's auction for US live coverage from 2013-14 has gone to a second round of bidding and is expected to be decided early next week. According to US media reports, NBC appears to have gazumped both Fox and ESPN by offering $85m for the rights over three seasons, a four-fold increase on the existing contract.

Since the Glazer family bought the club they have faced trenchant criticism for loading United with debts that currently stand at £360m and spending upwards of £500m on interest payments and financial charges, leading to complaints of underinvestment on the pitch.

Off it Woodward has overseen the growth of a London-based sales unit from imposing wood-panelled offices designed to impress potential clients, which has increased commercial income to £117.6m a year and necessitated the recent launch of a Hong Kong office. He claimed the popularity of the 2010 World Cup, the David Beckham effect at LA Galaxy, the grassroots popularity of the sport, threats of lockouts in other sports and soccer's improved commercial standing had come together to create a huge opportunity.

"We've seen amazing growth in India, China is still a massive opportunity but the US is becoming the No1 opportunity for us," said Woodward. "The Glazers didn't buy the club because they saw the US as a big soccer market; they saw it as a niche sport there. But something changed in the last two years."

The New York office will seek to replicate the strategy being followed in Asia and elsewhere, of hiving off some of its global sponsorship categories – of which the club has identified 90 – to sell on a regional basis.

"To take mobile operators as an example, instead of doing a deal with Vodafone for a few million, we're in 44 countries with a £21m guarantee and now we're moving to others," he said.

"We're now doing credit cards – we're in 16 countries. We're doing soft drinks. We look at companies that don't exist outside their territories or where decisions are made at a regional level. You get more money, there's no dilution and they market us more in those territories. We're not even at base camp. The rate limiting factor is resource," he told the Observer.

He said the club's new shirt sponsorship deal with Chevrolet, worth $559m (£347m) over nine years from July 2014, would also help open doors in America. A new media strategy should boost revenues and fan engagement across the world but particularly in the States.

"We're not going to do it quick and wrong, we're going to do it right. We're developing this digital strategy – behind the scenes stuff, player access, highlights – it doesn't matter how you consume it. It will be crossing over with membership – community, merchandising opportunities. And we will know you. We believe the US will be one of the key markets it will take off in," said Woodward.

He will sit down with Nike in February to renegotiate its contract with the US sportswear giant, in a deal that could be worth as much as £1bn over 15 years. Last week the club bought out their £40m training kit deal with DHL early because they are convinced they can improve on the terms. Whether all of that will be enough to appease Manchester United fans who feel that the Glazers' leveraged business model has not only sucked hundreds of millions of pounds out of the club but is increasingly predicated on valuing global growth over matchday fans is open to question.

Woodward admitted the recent share launch on the New York Stock Exchange – and return some of the money to the Glazers – had been a "distraction" but defended it despite the fact the shares have fallen below the offer price, itself lower than initially hoped. He said that, given rising commercial income, even after interest payments and tax the club would have £60m of free cashflow per year that could be used to buy players, pay off debt or improve the stadium.

He said Sir Alex Ferguson had never been refused transfer funds for any player, while maintaining that a net transfer outlay of around £25m a year would be enough to continue to compete – particularly once the financial fair play rules start to bite. "Are you going to force Sir Alex's arm on a player? I don't know how you'd make him spend more on players. If it [United] was still a plc, every single player would still be the same and you'd probably have higher dividends. He wouldn't have bought any other players."

But for all the complex financial modelling and rapid expansion of its commercial footprint, there is one thing he admits the club can't plan for – the timing of Ferguson's departure.

"A plan has been thought through as regards the type of person and the process and it's in a drawer. There is no ongoing conversation," Woodward said.