A basketball logo is used by teams of the same sport in order to differentiate themselves from others. There are several basketball teams in every country, city, or region. Hence, a basketball logo needs to be unique and reliable in terms of getting its message across.
The mascot of your basketball team would make for a unique and instantly recognizable logo design. You can also go with the colors that define your team, its hometown, or the team players within it. For instance, if you have a diverse makeup within your team, using multiple colors would represent this aspect.
It's also a good idea to take your logo design and brand message inspiration from the game itself. See if you can include an image of the ball, the hoop, or both symbols in your basketball logo. The styling and design should be simple, with one main element and the rest worked off that premise. There's no need to combine several elements at once, since that would just cause unnecessary confusion.
The logo in question here would probably be printed on shirts for the players and fans as well. It would also go on several kinds of merchandise, like flags, banners, caps, etc. To make this transition easy, the font you use for your team's name and tagline (if any) should be clear, bold, and straight. Arial Black or Lithograph would both be excellent options in such cases.
The target audience for a basketball logo would be the fans of that particular team. The fans need to feel pride, belonging, and loyalty when they look at such a logo. Hence, the colors and design of the logo should reflect something they relate to.
If you're looking for the perfect logo for your basketball team, get a professional graphic logo designer on board.