Schema != owner
That proc is old (pre SQL 2005) and hence changing schema and owner, before SQL 2005 they were the same thing.
Use ALTER AUTHORIZATION to change owner and ALTER SCHEMA to move a table to a new schema.
Changes the owner of an object in the current database.
This stored procedure only works with the objects available in Microsoft SQL Server 2000. This feature will be removed in a future version of Microsoft SQL Server. Avoid using this feature in new development work, and plan to modify applications that currently use this feature. Use ALTER SCHEMA or ALTER AUTHORIZATION instead. sp_changeobjectowner changes both the schema and the owner. To preserve compatibility with earlier versions of SQL Server, this stored procedure will only change object owners when both the current owner and the new owner own schemas that have the same name as their database user names.
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