After Rangers FC went into liquidation in June 2012 the company's assets, including the players' contracts, were purchased by Charles Green's consortium. Although many players departed because of this, Bocanegra's future was uncertain after not attending training, as he wanted to leave in order to play at a higher level. A few weeks later, on July 29, 2012, McCoist appointed Bocanegra captain for the first round of the Challenge Cup- a 2–1 win over Brechin City. After the game Bocanegra announced his intention to stay, vowing not to walk away from the club. He then made six appearances at the start of the season. After being dropped by the national team, Bocanegra joined Racing de Santander on a season-long loan in an attempt to keep his international career alive.