I have to disagree with ETOPS on the exercise advice...
A calorie is simply a unit of energy - nothing magical, you can calculate the calorific value of the fuel burnt in your aircraft!
If you are burning calories you are not consuming they must come from your body stores - hence weight loss.
Also how bulky do the marathon runners you see on TV look?
If you lift heavy weights (designed to put on muscle) you will indeed put on lean muscle mass. However your body needs to expend far more calories to maintain muscle mass then it does fat mass so you will burn more while sitting in your armchair!
At the end of the day is your actual weight important (are you a horse jockey/rowing cox?) or is it how much fat you are carrying/how you look? You can weigh 30 pounds more than a guy who is bigger than you beacause his blubber weighs much less that your muscle so his waist is several inches bigger!
If basketball is your thing then I would keep doing it, it won't put on much muscle anyway
Also be aware that excercise builds muscle which will hinder weight loss, and only assist it if you are seriously unfit and wheezing all the time doing easy things.
I have started going to the gym regularly in order to lose weight and on advice started doing weights at the same time without very much change to my diet - the result 8 pounds lost in 4 weeks, 2 inches off my stomach and an inch ON to each of my arms. The fat I have lost is far more than those eight pounds, but I have still had to buy new trousers!
If you need a 'fad' diet to initially lose the weight to motivate yourself then carry on, but if you don't change the way you live afterwards it will be so temporary. If you eat what (and how much) you should anyway you will find your natural weight anyway. It will be slower but proably permenant.