The MP for Pontypridd said “working people can not afford to have a Labour Party that does not provide a powerful opposition and credible alternative government”.
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Labour is engulfed in a bitter internal power struggle between Mr Corbyn’s supporters in the grassroots membership and the party’s parliamentary party, who overwhelmingly rejected his leadership after Britain’s vote to leave the European Union last month.
After more than five hours of deliberation, the Labour Party’s ruling machine, the NEC, voted to agree that Jeremy Corbyn should automatically be on the leadership ballot for the party’s contest this summer.
NEC members wrestled with legal advice over whether Mr Corbyn would need to secure 51 nominations to make it onto the ballot after both sides insisted Labour’s rulebook backed their case.
In the wake of the UK’s Brexit vote, Labour MPs passed a vote of no confidence in Mr Corbyn by 172 to 40 votes.
But his own MPs have serious doubts about his ability to win a General Election – and some believe hard-left cranks and Tory party infiltrators joined up to Labour to vote him in.
“It is extremely concerning that Angela Eagle has been the victim of a threatening act and that other MPs are receiving abuse and threats”, Corbyn said in a statement.
Labour’s former work and pensions spokesman Owen Smith is also considering a bid. “I welcome the contest ahead and I am determined to win it”.
That said, if anyone wants to take part in the election, they now have two days to pay £25 and become a registered supporter.
“I will be Labour until the day I die”, he said.
“I have made a decision to stand for this election to show the party real leadership at a time of real danger for our country and the aftermath of the Brexit vote”.
Only those who joined Labour on or before 12 January will be able to vote in the leadership contest.
Ms Eagle said the fee was a “pretty good investment for the whole future of democracy”.
He has also accused Shadow Chancellor John McDonnell of saying in a private meeting that he was prepared to see the Labour party split rather than give in to the anti-Corbyn rebels.
Speaking outside the meeting, Mr Corbyn told a crowd of journalists and supporters: “So I’m on the ballot paper. and we will be campaigning on all the things that matter”.
Ms Eagle faces strong opposition from some within her local party over her decision to challenge Mr Corbyn.
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Eagle ordered Jeremy Corbyn to “get control” of his supporters after his “ritual” response to an attack on her office was savaged.
