Benitez is just doing what he was hired to do here. I'm sure he's delighted that James looks to be going, but not, I suspect, as delighted as Moshiri and the board.
Benitez is here as the fall guy, the club know that he can keep this rag tag squad in the prem, they also know that Benitez is unpopular enough with a section of the fans that he will be the one taking the flack
The past transfer window and the current shameless hawking around of James to any club that may have an interest are just the start. Moshiri is a businessman and has now decided that enough is enough when it comes to spending on the squad, I think in future its sell to buy.
I'm sure that Benitez was well aware of the situation before he took the job.