This paper is devoted to the $L^p(\mathbb R)$ theory of the fractional Fourier transform (FRFT) for $1\le p < 2$. In view of the special structure of the FRFT, we study FRFT properties of $L^1$ functions, via the introduction of a suitable chirp operator. However, in the $L^1(\mathbb{R})$ setting, problems of convergence arise even when basic manipulations of functions are performed. We overcome such issues and study the FRFT inversion problem via approximation by suitable means, such as the fractional Gauss and Abel means. We also obtain the regularity of fractional convolution and results on pointwise convergence of FRFT means. Finally we discuss $L^p$ multiplier results and a Littlewood-Paley theorem associated with FRFT.

27 pages