Newly appointed Central Coast Mariners coach Mike Mulvey says there is no reason the club can't compete for honours, despite the budget constraints on the club's football department.

The English coach will be allowed to spend the bare minimum allowed by the FFA on his squad for next season, but says that should be more than enough to change the Mariners' fortunes and restore the club's reputation as the A-League's over-achievers.

Dropping anchor: New Mariners coach Mike Mulvey at his unveiling. Credit:Central Coast Mariners

Only 90 per cent of the A-League salary cap, about $2.6 million, will be spent on the playing roster, but Mulvey says he will be able to operate within the club's means.

"That’s just an excuse," Mulvey said. "When the Mariners were successful they weren’t even spending what others were spending on marquees, yet they were successful. The salary cap is there for a reason and obviously there are exemptions that can be made because of certain clauses, but I don’t think you should look at reasons why we should fail, because then you’re giving yourself an excuses."