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From there onwards Peñaranda's career went downhill, as he never settled in a team and often changed countries, until his definite release by Milan in June 2006: abroad, he played in Mexico for C.F. Pachuca, Bosnia and Herzegovina for FK Slavija (Sarajevo) and in Azerbaijan with Neftchi Baku PFC, appearing in the 2005–06 UEFA Champions League preliminary rounds with the latter.